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Financial Accounting for Management: An Analytical Perspective, 4th Edition by Ambrish Gupta

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Chapter 9

Valuation of Inventories

Inventories such as raw materials and finished goods in general, and in manufacturing companies in particular, constitute the second largest item after fixed assets. Therefore, they require a fair valuation so that the financial statements fairly portray the performance and financial position of the business.

CHAPTER OBJECTIVES

This chapter seeks to enable you to develop knowledge and understanding of:

  1. Meaning and significance of inventories.

  2. Scope and coverage of AS-2 on ‘Valuation of Inventories’

  3. Principles and norms of standard accounting treatment of inventories, methods of inventory H valuation and ...

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