Which of the following financial attributes should not be used to measure inventory?
A. Historical cost
B. Current replacement cost
C. Net realizable value
D. Present value of future cash flows
Answer: D. Present value of future cash flows
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LCNRV
- Net realizable value is used to measure which inventory?
- Net realizable value is the general rule for valuing which inventory?
- Commodity broker-traders
- Commodities of broker-traders are measured at
- An example of an inventory accounting policy that should be disclosed is
- When portion of inventory has been pledge as security for s loan
- If a material amount of inventory has been ordered through a formal purchase contract at the end of reporting period for future delivery at firm prices
- The credit balance that arises when a loss on a purchase commitment is recognized should be
- When the cost of goods sold method is used to record inventory at net realizable value
- Which method may be used to record a loss due to a price decline in the value of inventory?
- Lower of cost and net realizable value as it applies to inventory is best describes as the
- Lower of cost and net realizable value
- LCNRV of inventory
- Which of the following statements is true regarding inventory write down and reversal of write down?
- Which statement is incorrect regarding LCNRV?
- Which of the following is not an acceptable method of applying the LCNRV?
- Inventories are usually written down to net realizable value
- Net realizable value is
- Inventory should be measured at
- How should import duties be dealt with when valuing inventory at LCNRV?
- How should prompt payment discount be dealt with when valuing inventory at LCNRV?
- How should trade discounts be dealt with when valuing inventory at LCNRV?
- How should sale staff commission be dealt with when valuing inventory at LCNRV?
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