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2016年美國CPA模擬試題：Financial 3
According to the FASB conceptual framework， which of the following attributes would not be used to measure inventory？
a. Net realizable value.
b. Replacement cost.
c. Historical cost.
d. Present value of future cash flows.
答案：D
Explanation
Choice “d” is correct. The present value of future cash flows is used to measure long-term receivables or payables， not inventory， because inventory is a short-term asset， which has more immediate cash flows. SFAC 5 para. 67
Choice “c” is incorrect. Historical cost can be used to measure inventory because it is a relevant and reliable measurement attribute of current assets such as inventory.
Choice “b” is incorrect. Replacement （or current） cost can be used to measure inventory because it is a relevant and reliable measurement attribute of current assets such as inventory.
Choice “a” is incorrect. Net realizable value can be used to measure inventory because it is a relevant and reliable measurement attribute of current assets such as inventory.
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