Question
A company follows FIFO method of inventory valuation
every year. Which accounting principle is being followed?Solution
Valuing inventory using same method ensures comparability—this is the consistency principle.
Provisions of Section 64(1A) will not be applicable to any income of a minor child suffering from any disability specified under ________. In other word...
 Calculate EOQ from the data given below and select the correct answer from the options given below:
A software company enters into a ₹10 lakh contract including installation and training. Installation is ₹8 lakh and training ₹2 lakh. Installation...
As per IRDAI norms, where can insurance companies invest to maintain solvency and prudence while ensuring returns for policyholders?
If the Opening Debtors were Rs.50,000 and Closing debtors are Rs.40,000, what effect will it have on the cash flow statement?
Which ratio measures the efficiency of a company in using its assets to generate sales?
The life of the business is split into smaller intervals as per which of the following accounting concepts?
It is the duty of the agent to protect and preserve the interest on behalf of the principal’s representative in case of _____
The amount of purchase ifÂ
Cost of Goods Sold = ₹80,700
Opening Inventory = ₹5,800
Closing Inventory = ₹6,000
A company follows the accrual basis of accounting and recognizes revenue when the goods are dispatched, not when cash is received. However, in its final...
