Accounting Standards and IFRS — Practice Quiz
ICSE · Class 11 · Accountancy
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Quick Quiz: Accounting Standards and IFRS
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An enterprise had inventory costing 48,000 rupees and its net realisable value was 42,000 rupees. Under AS-2, at what value should the inventory be shown?
A machine had a historical cost of 180,000 rupees, an expected useful life of 9 years, and an estimated residual value of 18,000 rupees. Using the straight line method, what is the annual depreciation charge?
An asset has a revalued amount of 96,000 rupees, a useful life of 8 years, and a residual value of 16,000 rupees. Under the reducing balance method, if the annual depreciation rate is taken as one-half of the straight line rate, what is the rate per year?
A company bought a depreciable asset for 250,000 rupees. Its expected useful life is 5 years and its residual value is 50,000 rupees. What total depreciation will be charged over the full useful life under AS-6?
Sample Questions
An enterprise has three inventory items with costs and net realisable values as follows: Item A cost 12,000 rupees and NRV 11,000 rupees; Item B cost 8,000 rupees and NRV 9,500 rupees; Item C cost 15,000 rupees and NRV 14,200 rupees. What is the total value of inventory under AS-2?
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33,200 rupees
Each item is valued at the lower of cost and NRV. Item A = 11,000 rupees, Item B = 8,000 rupees, Item C = 14,200 rupees. Total = 11,000 + 8,000 + 14,200 = 33,200 rupees.
A business has an asset with historical cost 150,000 rupees, expected useful life 10 years, and residual value 30,000 rupees. What is the annual depreciation under the straight line method?
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12,000 rupees
Depreciable amount = 150,000 - 30,000 = 120,000 rupees. Annual depreciation = 120,000 / 10 = 12,000 rupees.
An asset costing 80,000 rupees has a useful life of 4 years and residual value of 16,000 rupees. If depreciation is charged equally each year, what is the depreciation per year?
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16,000 rupees
Depreciable amount = 80,000 - 16,000 = 64,000 rupees. Equal yearly charge = 64,000 / 4 = 16,000 rupees.
A company holds two inventories. Stock X has cost 27,000 rupees and NRV 29,000 rupees. Stock Y has cost 18,000 rupees and NRV 16,500 rupees. What is the total inventory value under AS-2?
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43,500 rupees
Stock X is valued at 27,000 rupees because cost is lower than NRV. Stock Y is valued at 16,500 rupees because NRV is lower than cost. Total = 27,000 + 16,500 = 43,500 rupees.
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