MCM301 - Communication skills
Question(s) similar to the following:
How the stock valuation is made under the following methods?
Question 1: How the stock valuation is made under the following methods?
Answer: Suggest Edit
- FIFO
- LIFO
Under FIFO we assumed that stock purchased first is used out first so the closing stock consist of stock purchased last the rate shows approximately the latest of last purchases price.
Cost of the asset
Residual Value Rs. 40,000
Expected Life 5 yearsUnder LIFO bases : stock purchase last is used first so the items present in the stock are the item old once and thus it represent older prices , lifo is not used in industry now and accounting standards prohibit using them.
Similar Questions:
Question 2: How the stock valuation is made under the following methods?
Answer: Suggest Edit
- FIFO
- LIFO
Under FIFO we assumed that stock purchased first is used out first so the closing stock consist of stock purchased last the rate shows approximately the latest of last purchases price.
Cost of the asset
Residual Value Rs. 40,000
Expected Life 5 yearsUnder LIFO bases : stock purchase last is used first so the items present in the stock are the item old once and thus it represent older prices , lifo is not used in industry now and accounting standards prohibit using them.
Past Papers of MCM301 - Communication skills
Question 1: How the stock valuation is made under the following methods?
Answer: Suggest Edit
- FIFO
- LIFO
Under FIFO we assumed that stock purchased first is used out first so the closing stock consist of stock purchased last the rate shows approximately the latest of last purchases price.
Cost of the assetResidual Value Rs. 40,000
Expected Life 5 years
Under LIFO bases : stock purchase last is used first so the items present in the stock are the item old once and thus it represent older prices , lifo is not used in industry now and accounting standards prohibit using them.
Similar Questions:
Question 2: How the stock valuation is made under the following methods?
Answer: Suggest Edit
- FIFO
- LIFO
Under FIFO we assumed that stock purchased first is used out first so the closing stock consist of stock purchased last the rate shows approximately the latest of last purchases price.
Cost of the assetResidual Value Rs. 40,000
Expected Life 5 years
Under LIFO bases : stock purchase last is used first so the items present in the stock are the item old once and thus it represent older prices , lifo is not used in industry now and accounting standards prohibit using them.
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