AASB 102 Inventories applies to the accounting for:

Question

Quizplus · Accepted Answer

AASB 102 Inventories applies to the accounting for inventories that are held for sale in the ordinary course of business, are in the process of production for such sale, or are in the form of materials or supplies to be consumed in the production process or in the rendering of services. Materials consumed in the manufacture of lawn mowers for sale fall under this definition and hence, are covered under AASB 102 Inventories. Options A, B, and C are not directly related to the accounting treatment of inventories and hence, are not the best choices.

AASB 102 Inventories Applies to the Accounting For