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      Question

      Accounting Standard 2 (Revised) provides the _______  

      method for computing the cost of inventories.
      A FIFO Correct Answer Incorrect Answer
      B Weighted Average Correct Answer Incorrect Answer
      C Both FIFO & Weighted Average Correct Answer Incorrect Answer
      D None of the above Correct Answer Incorrect Answer

      Solution

      Text Box: www.qmaths.in Accounting Standard 2 (Revised) provides FIFO (First in First Out) or Weighted average method for computing the cost of inventories. It has recommended the use of specific Identification Method Only In case of goods or services which are meant for specific projects.

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