Question
The method of inventory valuation that assumes that the
most recently purchased items are the first to be sold is called:Solution
LIFO is an inventory valuation method which assumes that the goods most recently added to inventory (last in) are the first to be sold (first out). (Note: LIFO is prohibited under International Financial Reporting Standards (IFRS) and is also not permitted by the Indian accounting standard on inventories, Ind AS 2, but is a conceptual method often tested).
Following information has been provided by a contractor for the year ending 31-3-2020.
(a) Total expenditure till 31-3-2020 is Rs. 5,000.
...
Which of the following statement is true?
What is the time limit for filing revised return at present?
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...
A budget that is prepared based on a single level of activity is known as a:
Which of these is not an example of a capital receipt?
How many digits are there in HSN code?
In a buyback of shares, which reserve is typically used for purchase of own shares in companies law contexts?
SA 700 deals with:
The relationship between the operating income and earnings per share is known as
