Accounting Standards do not permit following method of inventory valuation:
LIFO (Last-In-First-Out) is a method of inventory valuation where the cost of the last goods purchased or produced is assumed to be the cost of goods sold first. However, Accounting Standards do not permit the use of LIFO in inventory valuation. This is because LIFO results in the reporting of lower profits and lower taxes during inflationary periods, which can lead to inconsistent financial reporting across companies. Instead, companies are required to use either FIFO (First-In-First-Out) or weighted average cost method for inventory valuation in accordance with the Accounting Standards.
QIP stands for
Which of the following is not a slab under GST?
Which has been temporarily barred by UIDAI from aadhar based SIM verification
G-77 summit is a forum of :
राजस्थान की प्रथम विधानसभा का अध्यक्ष कौन था ?
नाभिकीय ऊर्जा में सम्बंधित समझौते का क्या नाम है ?
After a gap of how many years the bus service from Champawat district in Uttarakhand has been started off to Nepal?
The Equator is an imaginary line which passes through which of the following countries?
a) Uganda
b) San Sao Tome and Príncipe
c) ...
According to the data provided by the Reserve Bank of India (RBI),India’s foreign exchange reserves rose to ______ in theApril,2023.
Which country will host the 2018 Men’s Hockey World Cup