IAS 2 Inventories

Yes or No

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IAS 2 Inventories

Created by

Lorenza

Colombia

Download the paper version to play

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1	Lorenza August 6, 2025	% 100	11:03

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IAS 2 InventoriesOnline version IAS 2 Inventories by Lorenza 1 Net Realizable Value is a market general value Sí No 2 Supplies are a type of inventory Sí No 3 Spare parts whose useful life is more than one year meet the definition of inventory Sí No 4 Inventories shall be measured at the higher of cost and Net Realizable Value Sí No 5 Total inventory cost includes: Cost of purchase, Cost of conversion and other costs Sí No 6 Borrowing Costs can be capitalized of all type of invetories. Sí No 7 VAT is always a higher inventory value Sí No 8 Depreciation of some machinery can be part of conversion cost. Sí No 9 IAS 2, doesn't allow including asset maintenance as part of inventory cost. Thus this cost are always expenses in P&L Sí No 10 Fixed production cost are allocated using the Real Capacity of production Sí No 11 LIFO are not allowed as a cost formula by IAS 2 Sí No 12 Finished product storage is part of the inventory cost: "Other Costs" Sí No 13 Transport to point of sale is part of the inventory cost: "Other costs" Sí No 14 Raw material can't be classified as an inventory Sí No 15 In a Financial Statement we can find the balance of inventory in the P&L Sí No 16 In a Financial Statement we can find the balance of inventory in non current assets Sí No

IAS 2 InventoriesOnline version

IAS 2 Inventories

by Lorenza

Net Realizable Value is a market general value

Sí

Supplies are a type of inventory

Sí

Spare parts whose useful life is more than one year meet the definition of inventory

Sí

Inventories shall be measured at the higher of cost and Net Realizable Value

Sí

Total inventory cost includes: Cost of purchase, Cost of conversion and other costs

Sí

Borrowing Costs can be capitalized of all type of invetories.

Sí

VAT is always a higher inventory value

Sí

Depreciation of some machinery can be part of conversion cost.

Sí

IAS 2, doesn't allow including asset maintenance as part of inventory cost. Thus this cost are always expenses in P&L

Sí

Fixed production cost are allocated using the Real Capacity of production

Sí

LIFO are not allowed as a cost formula by IAS 2

Sí

Finished product storage is part of the inventory cost: "Other Costs"

Sí

Transport to point of sale is part of the inventory cost: "Other costs"

Sí

Raw material can't be classified as an inventory

Sí

In a Financial Statement we can find the balance of inventory in the P&L

Sí

In a Financial Statement we can find the balance of inventory in non current assets

Sí

You can integrate the game into an LMS compatible with LTI 1.1 or LTI 1.3 such as Canvas, Moodle, or Blackboard. This way, the scores will be automatically saved into the platform’s gradebook.

IAS 2 Inventories

Yes or No

About this activity

Created by

Download the paper version to play

Top Games

Yes or No

Adjective Checker

Yes or No

Foot and Ankle Anatomy Quiz

Yes or No

Is it created with Artificial Intelligence? - Complete game

Yes or No

Is it true?

Yes or No

Grammys for best song/record

IAS 2 InventoriesOnline version

by Lorenza

Net Realizable Value is a market general value

Supplies are a type of inventory

Spare parts whose useful life is more than one year meet the definition of inventory

Inventories shall be measured at the higher of cost and Net Realizable Value

Total inventory cost includes: Cost of purchase, Cost of conversion and other costs

Borrowing Costs can be capitalized of all type of invetories.

VAT is always a higher inventory value

Depreciation of some machinery can be part of conversion cost.

IAS 2, doesn't allow including asset maintenance as part of inventory cost. Thus this cost are always expenses in P&L

Fixed production cost are allocated using the Real Capacity of production

LIFO are not allowed as a cost formula by IAS 2

Finished product storage is part of the inventory cost: "Other Costs"

Transport to point of sale is part of the inventory cost: "Other costs"

Raw material can't be classified as an inventory

In a Financial Statement we can find the balance of inventory in the P&L

In a Financial Statement we can find the balance of inventory in non current assets

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