Q1. Define the term 'inventory' as used in the accounting standard AASB 102/IAS 2 Inventories....
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Q1. Define the term 'inventory' as used in the accounting standard AASB 102/IAS 2 Inventories. Are office supplies included in the inventory? Why or why not?
Q2. What is a cash discount? What are the benefits to the seller of allowing cash discounts? Distinguish between a cash discount and a trade discount.
Q3. With the growing importance of computerized accounting systems, which inventory system (perpetual or periodic) has become more popular? Explain why. Is this desirable. Why?
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