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    Question

    Which of the following statement is incorrect with

    respect to Valuation of Inventories?
    A As per the requirement of Accounting standard, the financial statements should disclose the accounting policies adopted in measuring inventories. Correct Answer Incorrect Answer
    B As per the requirement of Accounting standard, the financial statements should disclose the total carrying amount of inventories and it classification appropriate to the enterprise. Correct Answer Incorrect Answer
    C Schedule III to the Companies Act 2013 requires valuation of each class of goods i.e. raw materials, work-in-progress and finished goods under broad heads to be disclosed in the financial statements. Correct Answer Incorrect Answer
    D There is no requirement in Accounting standard that the financial statement should disclose the cost formula used in measuring inventories. Correct Answer Incorrect Answer

    Solution

    The correct answer is D

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