Answer Posted / amit
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 ? | 3 Yes | 0 No |
Post New Answer View All Answers
why creditors a/c dr. to discount received a/c ?
What is the abbreviation for the accounting terms debit and credit?
What is account in accounting?
what is dmat charges?
Explain accounting 101?
what is wct ? who take its benefit? e.g. we are works contractor, we are liable to take its benefit or not..
Fundamental accounting assumptions are (a) Materiality. (b) Business entity. (c) Going concern. (d) Dual aspect
What are control ledgers? What are the purposes of maintaining it?
I'am accountant working in a trading concern. I wish to become an accountant in a manufacturing/construction company.are there any books available in the market from which I can get an Idea as to how accounts are prepared and maintained for a manufacturing/construction company.
i WANT TO KNOW WHAT IS THE INTEREST RATE IF WE CAN NOT PAY THE DEPOSIT SALE TAX AMOUNT WITH IN PERIOD
Tell me what is tally accounting?
Entries to revenues accounts such as service revenues are usually?
Productive Investment is Working Capital. Is it correct?
PROVIDENT FUND TO BE CALCULATED ON BASIC AFTER DEDUCTION OF ABSENTS (LOP)
Explain me the difference between public and private accounting?