Chapter 7 - Accounting For Assets Flashcards Preview

AAT L4 Financial Statements > Chapter 7 - Accounting For Assets > Flashcards

Flashcards in Chapter 7 - Accounting For Assets Deck (1)
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1
Q

What are inventories?

A

Assets held for sale or use in the ordinary course of business. Including:

Raw materials
Work in progress
Finished goods
Finished goods purchase and held for resale

Inventories are governed by IAS2