1
Q
What must inventory be valued at?
A
At cost price or net relisable value whichever is lowest
2
Q
Define cost price
A
Actual purchase price + any costs to bring the inventory to current condition
3
Q
Define net relisable value(NRV)
A
Estimated receipt - any cost of completing the inventory
Grade 10 Accounting
flashcards
Decks in class (21)
# Cards
-
Difference between Accounting and Bookkeeping2
-
DAXCIL12
-
Carriage, Division of ledger and Contra Entries10
-
Petty Cash Book1
-
Books of Prime Entry5
-
Control Accounts3
-
Accounting principles14
-
International accounting standards5
-
Stock valuation3
-
Bank reconciliation statements4
-
Income Statement3
-
Balance sheet/ Statement of financial position1
-
Accrued and Prepaid Expenses2
-
Depreciation8
-
Bad Debts4
-
Ratios25
-
Manufacturing accounts6
-
Profit And Loss Appropriation Account2
-
Partnerships2
-
Clubs7
-
Limited Companies9
