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Grade 10 Accounting > Stock valuation > Flashcards

Stock valuation Flashcards

1
Q

What must inventory be valued at?

A

At cost price or net relisable value whichever is lowest

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2
Q

Define cost price

A

Actual purchase price + any costs to bring the inventory to current condition

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3
Q

Define net relisable value(NRV)

A

Estimated receipt - any cost of completing the inventory

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Grade 10 Accounting (21 decks)

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