Inventories include all of the following assets, except a. held for sale in the ordinary course of business b. in the process of production for sale c. in the form of materials or supplies to be consumed in the production process or in the rendering of services d. held for use in the production or supply of goods or services

Inventories include all of the following assets, except a. held for sale in the ordinary course of business b. in the process of production for sale c. in the form of materials or supplies to be consumed in the production process or in the rendering of services d. held for use in the production or supply of goods or services

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 7Q: From beginning to end, place these items in the order of the flow of goods. A. cost of goods sold B....

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Which of the following items is not covered by the definition of “Inventories” under PAS 2”? Goods held for resale Goods in process for production for sale Biological assets for regular sale Cost of labor and overhead directly related to the product being manufactured
The cost of inventories include all of the following, except A. Selling cost B. Costs of purchase C. Costs of conversion D. Other costs incurred in bringing the inventories to their present condition or location.
Inventory for a manufacturer consists of raw materials, work in process, and finished goods. Describe about it.
From beginning to end, place these items in the order of the flow of goods. A. cost of goods sold B. raw materials inventory C. finished goods inventory D. work in process inventory
All of the following would be reported on the balance sheet as current assets except a.factory overhead b.materials inventory c.work in process inventory d.finished goods inventory
Inventories can be classified into: a. Product, material, item b. raw material, work-in progress, and finished goods c. all of the above d. none of the above
Distinguish between costs included in inventories and costs recognized as expenses in theperiod in which they are incurred.
Which one of the following accounts is an asset similar to work-in-process inventory? Group of answer choices Construction in Progress Cost of Construction Billings in Excess of Cost Revenue from Long-Term Contracts
An incomplete subsidiary ledger of materials inventory for May is as follows: See Attachment a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.b. Determine the materials inventory balance at the end of May.c. Journalize the summary entry to transfer materials to work in process.d. Explain how the materials ledger might be used as an aid in maintaininginventory quantities on hand.
Describe how the functions of (a) authorization of production transactions, (b) recording of thesetransactions, and (c) physical custody of inventories can be separated among the production,inventory, and cost accounting departments.
In accordance with IAS 2 Inventories define the terms "inventories" and "net realisable value”. Explain how the cost of inventories should be determined and how inventories should be measured in accordance with IAS 2 Inventories.
Which of the following statements is true? Direct costs are allocated to cost objects using a predetermined overhead rate. Period costs are allocated to inventory in order to determine the amount to be reported on the balance sheet. Indirect costs are allocated to cost objects using a predetermined overhead rate. Indirect costs are traced to costs objects based on the cost object identified on the purchase and requisition orders.