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Accounting — AS 2 Inventories.pdf
Split into topics · matched to Advanced Accounting
Explain the measurement of inventories under AS 2, with the components included in cost.
Lower of cost and NRV — 1 mark
Costs of purchase & conversion — 2 marks
Exclusions from cost — 1 mark
01 / Sound familiar?
You’ve read the chapter three times, and you still couldn’t say whether you’d score on it.
Making your own question bank takes longer than studying the chapter did.
You write out descriptive answers, but nobody tells you which points would have earned the marks.
Prepzo does the practice part. You bring the notes.
02 / See it work
Examples of what Prepzo makes from a chapter on AS 2 Inventories.
CA Inter · Advanced Accounting · MCQ
A company values its closing inventory at ₹4,20,000 (cost), whose net realisable value is ₹3,85,000. As per AS 2, the amount carried in the balance sheet is:
Explanation
AS 2 carries inventories at the lower of cost and net realisable value. NRV (₹3,85,000) is below cost, so the ₹35,000 write-down goes to the statement of profit and loss.
03 / How it works
A PDF, or photos of your notes, up to 10 MB. Prepzo splits it into topics and matches each one to its paper.
Pick the topics and how many questions or flashcards you want. They come out in your paper’s format, with explanations and model answers.
Answer MCQs, write descriptive answers (typed or photographed), and see exactly where the marks went.
04 / What you get
Type your answer, or photograph your handwritten sheets — up to six pages. Prepzo reads them, compares your answer with a model answer and its mark allocation, and shows what earned marks, what you missed, and how to present it better.
Marks are an AI estimate to guide your practice, not an examiner’s verdict.
Corporate and Other Laws · Descriptive
State any four conditions a company must comply with under Section 73(2) of the Companies Act, 2013 before accepting deposits from its members.
Your answer
Read from 1 handwritten pageThe company must issue a circular to its members showing its financial position, and file it with the Registrar. It also has to certify that it has not defaulted in repaying any earlier deposits.
What earned marks
What you missed
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Mock paper — Advanced Accounting
Your upload · questions transcribed as written
Sunrise Ltd. holds 12,000 units of inventory purchased at ₹35 each. At year end the market has fallen and each unit can be sold for ₹32, after selling costs of ₹1.50 per unit…
(a) Compute the value of closing inventory as per AS 2.
(b) State the accounting treatment of the resulting write-down.
The passage stays attached to every sub-question that reads off it.
The AI Teacher reads what you uploaded and answers from it first. Keep a separate chat for each upload, or one general chat across everything you’ve added.
AI Teacher
Chat for: Accounting — AS 2 Inventories.pdf
Why does AS 2 use net realisable value instead of market price?
Because NRV is what thisbusiness expects to actually recover — the estimated selling price less the costs still needed to complete and sell the item. Market price ignores both. Your notes make the same point under “Measurement”: inventory should never sit on the books above what it can recover.
On Pro and Premium, practice sessions are ordered for you. A question you got wrong returns within a day; one you got right comes back after a gap. Flashcards work the same way, and you choose how often you review.
Up next in practice
Cost formulas permitted under AS 2
Answered wrong
Definition of net realisable value
Answered right
Items excluded from cost of inventory
Right twice
Shown on the default “daily” review setting.
05 / Every level, every paper
Foundation objective papers get four-option MCQs with −0.25 negative marking. Inter and Final questions follow the 70% descriptive, 30% MCQ split.
Group 1
Group 2
06 / Good to know
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07 / Pricing
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08 / FAQ
You upload your CA study notes or a question paper. Prepzo turns notes into MCQs, descriptive questions, flashcards and cheatsheets; turns papers into mock tests; marks your written answers; and has an AI Teacher you can ask about your notes.
PDFs and images (JPG, PNG or WEBP) up to 10 MB each — typed notes, handwritten notes, or a past or mock paper you have. Word files aren’t supported yet, so save them as PDF first.
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Yes. Photograph up to six pages of a handwritten answer. Prepzo reads your writing first, and if any part is blurry or unclear it shows you what it read so you can correct it before marking.
It’s an estimate. Your answer is compared with a model answer and its mark allocation, and both are AI-generated unless your uploaded paper included solutions. Use the feedback to see what to fix, not as a prediction of your exam result.
Yes, and you don’t need a card to sign up. It lets you try uploads, questions, flashcards, answer marking, a mock test and the AI Teacher, with small limits. Study history, PDF cheatsheets and review ordering come with Pro and Premium. The pricing table above shows the exact limits.
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