1. [单选题]Is the following statement true or false?
B. True
C. False
2. [单选题]15 What journal entry is required to record goods taken from inventory by the owner of a business?
A. Debit Drawings
B. Debit Sales
C. Debit Drawings
D. Debit Purchases
3. [单选题]10 Which of the following costs should be included in valuing inventories of finished goods held by a manufacturing
company, according to IAS2 Inventories? 1 Carriage inwards. 2 Carriage outwards. 3 Depreciation of factory plant. 4 Accounts department costs relating to wages for production employees.
A. All four items
B. 2 and 3 only
C. 1, 3 and 4 only
D. 1 and 4 only
