alleryStart learning →How is software bought for resale classified under AS 2?
AProperty, plant and equipment
BInventories held for resale
CA long-term investment
DAn intangible fixed asset
Answer & Solution
Correct answer: B. Inventories held for resale
AS 2 lists computer software held for resale among examples of goods purchased and held for resale.
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?Which of these is included in inventories under AS 2?