Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / h.r. sreepada bhagi
Both are methods of inventory or stock valuation.
Under LIFO unit value of the latest stock will be applied to
value the stock of goods for closing the books of accounts.
Under FIFO unit value of the earliest stock will be applied
to value the stock of goods for closing the books of accounts.
However for issue of products for sale or materials for
manufacturing, stock from the earliest stock will be issued
- i.e for product/material use Fist in First Out (FIFO)
principle is applied.
| Is This Answer Correct ? | 5 Yes | 0 No |
Post New Answer View All Answers
What is fiduciary accounting?
How to prepare HSD statements in tally
Received Invoice from Tvs Co. against purchase of 15 pcs of Mouse @ 750 excluding VAT 4%, Pass journal entry in the necessary books of accounts?
Pls tell me the basic rules of accounts for interview in finanace or accounts section
what do you maen by Expected rate of return ? Is there any formula for expected rate of return? what is systematic & unsystematic risk ? how to calculate both the risk?
how to calculate forefeiture of share when over subcription
Explain the accounts payable cycle
What is an interest rate swap
Differentiate accounting and auditing?
lic (life insurance corporation)how much he or she as to deduct income tax on his gross annual salary. please give with examples
how intangible assets are entered in B/s. plz send me the answer of this question in my e-mailid-prabhatsingh873@gmail.com
What was your most complicated sales cycle in past positions?
what are the different types of expenditures considered for the purpose of accounting?
Assume that the real risk-free rate is 3% and that inflation is expected to be 8% on year 1,5% in year 2,and 4% thereafter.Assume also that all Treasury bonds are highly liquid and free of default risk. If 2-year and 5-year Treasury bonds both yield 10%,calculate the difference in the maturity risk premium on the two bonds.
Cello pen gross value is 935.89 for 12 nos 14.5% tax
