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Subjects · Leaving Cert Accounting

Leaving Cert Accounting: Stock valuation

How often Stock valuation comes up on the Accounting papers, every year it was asked, and questions to try.

HL Asked on 3 of the last 10 Higher Level papers, most recently in 2024.

Stock valuation, Higher Level(6 marks)

Quick ones on Stock valuation.

(a)Closing stock is valued at…
  1. The higher of cost and net realisable value
  2. The lower of cost and net realisable value
  3. Selling price
(b)Net realisable value is…
  1. Replacement cost at the year end
  2. Cost plus the normal mark-up added on the goods
  3. Selling price less costs to complete and sell
(c)FIFO assumes…
  1. The oldest stock is issued first
  2. Stock is issued at average cost
  3. The newest stock is issued first
Show the answers

(a) The lower of cost and net realisable value

(b) Selling price less costs to complete and sell

(c) The oldest stock is issued first

Your turn: Higher Level questions on Stock valuation.

Higher Level

Asked on 3 of the last 10 Higher Level papers, most recently in 2024.

Every paper, year by year

YearWhere it came up
2026Not asked
2025Not asked
2024Q8
2023Not asked
2022Not asked
2021Q8
2019Not asked
2018Q8
2017Not asked
2016Not asked

Links open the State Examinations Commission’s paper for that year.

More Stock valuation questions

Stock valuation, 2 marks

Stock cost €2,000; net realisable value €2,300. Stock value?

  1. €2,300
  2. €2,150
  3. €2,000
Show the answer

€2,000

Lower of cost €2,000 and NRV €2,300 is €2,000. Valuing at €2,300 would count profit before the sale (prudence).

Stock valuation, 2 marks

Stock cost €5,000; sells for €4,500 less selling costs of €300. Value?

  1. €5,000
  2. €4,200
  3. €4,500
Show the answer

€4,200

NRV = €4,500 − €300 = €4,200, which is below cost of €5,000, so the stock is written down to €4,200.

Other Accounting topics

All of Leaving Cert Accounting