alleryStart learning →AS 2 requires the financial statements to disclose which amount?
ATotal carrying amount and classification
BTotal purchases made in the year
CTotal storage costs paid in year
DTotal sales value of inventories
Answer & Solution
Correct answer: A. Total carrying amount and classification
The standard asks for the overall carrying amount together with a classification suited to the enterprise.
Keep practising Valuation of Inventories (AS 2)
Browse all Valuation of Inventories (AS 2) questions for CA Inter, or explore more Accounting topics.
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?