The IAS 2 standard describe inventories as assets that are held for sale in the...
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Accounting
The IAS 2 standard describe inventories as assets that are held for sale in the ordinary course of business, used in the process of production for such sale or in the form of materials or supplies to be consumed in the production process or in the rendering of services. Required: If a motor vehicle dealer uses one of the motor vehicles for his own personal use for travelling to and from work, please discuss if one could classify the motor vehicle as an asset or as inventory?
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