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MGT401 VU Midterm Papers Spring May 2012

1 Briefly discuss (5)
. Historical cost
. Current cost
. Realizable value
. Write down the component of financial statement with respect to the IASB FRAMEWORK..(3)
. If balance janurary (1, 2008) 100 units,9 Rs per unit
.Jan 1 received 100 units,8 Rs per unit
.Jan 3 issued 100 units
.Then calculate the value of inventories of January 3,2008 using weighted average method.(5)
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