Question
Consider the following statements regarding the
valuation of inventories under AS 2: I. The cost of inventories includes purchase cost, conversion cost, and other costs incurred to bring the inventories to their present location and condition. II. Inventory should be valued at the higher of cost and net realizable value (NRV). III. The cost of conversion includes direct costs, fixed overheads, and variable overheads incurred during the production process.Solution
Statement I is correct: The cost of inventories includes purchase cost, conversion cost, and other costs incurred to bring the inventories to their present location and condition. Statement II is incorrect: Inventories should be valued at the lower of cost and net realizable value (NRV), not the higher. Statement III is correct: The cost of conversion includes direct costs, fixed overheads, and variable overheads.
Select the most appropriate ANTONYM of the given word.
Oppose
Select the most appropriate antonym of the given word.Â
DEVOUT
Induce
 Fill in the blanks with the appropriate antonym of the word in Italic from the options given:
The prosperous businessman fell on _______ time...
- Select the most appropriate synonym of the given word.
Ecstatic Repentance
Burrow
  Select the single word from 1) to 4) which means most nearly the same as the given phrase.Â
Using or containing more words than are needed<...
Select the most appropriate ANTONYM of the bold word.
The new Principal of the school is stern , yet he understands the needs of his subordinates...
Select the most appropriate synonym of the given word
HAVOC
Relevant for Exams:
