Accounting · Accounting Standards
Accounting Standard 2 (AS 2) deals with the valuation of inventories. However, the standard explicitly excludes certain items. Which of the following items would be excluded from the scope of AS 2?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Indirect materials and consumables used in the production process.
- 2Raw materials and components held for use in the production of goods.
- 3Work-in-progress arising under construction contracts, including directly related service contracts.✓
- 4Finished goods produced by a manufacturing entity held for sale in the ordinary course of business.
Correct answer
Work-in-progress arising under construction contracts, including directly related service contracts.
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