A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2015 · Q181 Mark

Inventory is valued at the lower of cost and net realisable value. What is net realisable value?

Aselling price

Bselling price less cash discount

Cselling price less further cost to completion

Dselling price less trade discount

✓ Correct answer

C: selling price less further cost to completion

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Oct/Nov 2015 Paper 1 Variant 2, question 18.

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