alleryStart learning →AS 2 requires disclosure of which accounting policy detail?
ADetails of every purchase order
BNames of all regular suppliers
CSelling price of every item sold
DPolicies used, including cost formula
Answer & Solution
Correct answer: D. Policies used, including cost formula
Users need to know how stock was measured, including which cost formula was applied.
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Related questions
Which cost may be added to inventory cost as an other cost?Which classification covers goods acquired for trading in AS 2?Which items can be grouped for NRV write-down?When may actual output be used to allocate fixed overheads?Under AS 2, what does normal capacity mean?NRV counts later price changes if they do what?How are maintenance supplies and loose tools awaiting use treated?How is software bought for resale classified under AS 2?