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    Question

    As per AS-2, inventories are assets which are NOT:

    A in the form of materials or supplies to be consumed in the production process or in the rendering of services Correct Answer Incorrect Answer
    B held for sale in the ordinary course of business Correct Answer Incorrect Answer
    C in the form of machinery spares which can be used only in connection with an item of fixed asset and whose use is expected to be irregular Correct Answer Incorrect Answer
    D in the process of production for such sale Correct Answer Incorrect Answer

    Solution

    The correct answer is C

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