ACCA 2026 FR Financial Reporting Inventory Free Quiz 2

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ACCA 2026 FR Financial Reporting Inventory Free Quiz 2

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ACCA 2026 FR Financial Reporting Inventory Free Quiz 2

Practice ACCA 2026 FR Financial Reporting MCQs from Inventory. Get instant results with Explanation.

General10 MCQs

1. What costs are included in the cost of inventory?

A. Cost of inventory includes purchase costs, conversion costs, and other costs to bring to present conditionB. Cost of inventory includes selling costsC. Cost of inventory includes only purchase costsD. Cost of inventory includes only labour costs

2. What is the treatment of carriage inwards and carriage outwards?

A. Carriage inwards is a selling expenseB. Carriage outwards is included in the cost of inventoryC. Carriage inwards is included in the cost of inventory; carriage outwards is a selling expenseD. Carriage inwards and outwards are both included in the cost of inventory

3. How does the perpetual inventory system work?

A. Under the perpetual system, the cost of goods sold is updated with each saleB. Under the perpetual system, the cost of goods sold is updated only at the end of the periodC. Under the perpetual system, no physical count is ever neededD. Under the perpetual system, inventory is never updated

4. What is inventory shrinkage?

A. Inventory shrinkage is the same as cost of goods soldB. Inventory shrinkage is a gainC. Inventory shrinkage is the loss of inventory due to theft, damage, or errorsD. Inventory shrinkage is only due to theft

5. Which inventory costing method is often used for perishable goods?

A. FIFO is often used for perishable goods because it matches physical flowB. FIFO is least appropriate for perishable goodsC. LIFO is most appropriate for perishable goodsD. All methods are equally appropriate for perishable goods

General10 MCQs

6. What is the specific identification method of inventory costing?

A. Specific identification is used for large volumes of identical itemsB. Specific identification is the same as FIFOC. Specific identification is the same as weighted averageD. Specific identification tracks the cost of each individual item and is used for high-value items

7. What is the gross profit method of inventory estimation?

A. The gross profit method is used to value inventory at NRVB. The gross profit method estimates ending inventory using the gross profit marginC. The gross profit method is the same as FIFOD. The gross profit method requires a physical count

8. What is the retail inventory method?

A. The retail inventory method values inventory at retail priceB. The retail inventory method is the same as FIFOC. The retail inventory method uses a cost-to-retail ratio to estimate inventory costD. The retail inventory method requires a physical count

9. Which inventory cost formula is prohibited under IFRS?

A. LIFO is prohibited under IFRS for inventoryB. FIFO is prohibited under IFRSC. Weighted average is not allowed under IFRSD. All cost formulas are allowed under IFRS

10. Are borrowing costs included in the cost of inventory?

A. Borrowing costs are always included in inventory costB. Borrowing costs are never included in inventory costC. Borrowing costs are included for all inventoryD. Borrowing costs may be included for qualifying assets but generally are expensed

📋 ACCA - Test Online Practice Quizzes

ACCA

Conducting Body: Association of Chartered Certified Accountants

Frequency: Exam Frequency Year Round | Time: 360 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 116 MCQs):

Business and Technology: 46 MCQs
Management Accounting: 35 MCQs
Financial Accounting: 35 MCQs
Corporate and Business Law: 45 MCQs

Merit Formula: -

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