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Which two components of expense are recognised

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Reference no: EM132990184

Problem 1: The justification for the inventory valuation rule, the lower of cost and net realisable value, is:

Select one:

a. cost versus benefit

b. reliability

c. conservatism

d. materiality

Problem 2: Which two components of expense are recognised in the statement of comprehensive income?

Select one:

a. Accounts payable and cost of goods sold

b. Cost of goods sold and gross profit

c. Inventory loss expense and gross profit

d. Cost of goods sold and inventory loss expense

Reference no: EM132990184

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