Question

AS-2 is on :

a) Disclosure of Accounting Policies

b) Valuation of inventories

c) Revenue recognition

d) Depreciation accounting
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Answer 1

Answer:

This accounting standard is applicable to all companies irrespective of their level (Level I, II and III). This standard prescribes the accounting treatment for inventories and sets the guidelines to determine the value at which the inventories are carried in the financial statements.

Explanation:

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