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As per AS-2, inventory should normally be valued at historical cost or market value whichever is lower.

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The CMA Intermediate Course Syllabus includes the following topics for Paper 6: Financial Accounting:
Accounting basics
Preparation of financial statements
Self-balancing ledgers
Royalties
Hire purchase and installment system
Branch and departmental accounts
Accounting in a computerized environment and standards


As per AS-2, inventory should normally be valued at historical cost or market value whichever is lower.






 
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