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      Question

      The 'Stores Ledger' in material accounting is maintained based on the principle of:

      A FIFO or LIFO or Weighted Average Correct Answer Incorrect Answer
      B Only FIFO Correct Answer Incorrect Answer
      C Only LIFO Correct Answer Incorrect Answer
      D Standard Costing only Correct Answer Incorrect Answer
      E Actual Cost only Correct Answer Incorrect Answer

      Solution

      A Stores Ledger records the quantity and value of materials received, issued, and in stock. The valuation of issues and closing stock can be done using various methods, most commonly FIFO (First-In, First-Out), LIFO (Last-In, First-Out - though not permitted by accounting standards in many countries now), or Weighted Average Cost.

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