Scribd
Upload
35 views1 page

Inventory Valuation

The document contains 4 multiple choice questions from accounting and auditing papers: 1) Identifying the non-inventory method as sales value, 2) Stating LIFO reports higher net income when costs are rising, 3) Recognizing cost of goods sold under periodic inventory system at the end of the year, and 4) No information provided for the 4th item.

Uploaded by

Masood Ahmad Aadam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
35 views1 page

Inventory Valuation

The document contains 4 multiple choice questions from accounting and auditing papers: 1) Identifying the non-inventory method as sales value, 2) Stating LIFO reports higher net income when costs are rising, 3) Recognizing cost of goods sold under periodic inventory system at the end of the year, and 4) No information provided for the 4th item.

Uploaded by

Masood Ahmad Aadam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 1

CSS – Accounting & Auditing, Paper 1, 2007

Which of the following is not an accountable inventory method?


(a) Lower of cost or market
(b) Sales value
(c) Specific identification
(d) None of these
CSS – Accounting & Auditing, Paper 1, 2007
When costs are rising, which method reports higher net income:
(a) LIFO (b) FIFO
(c) Average
(d) The most recent purchase price
CSS – Accounting & Auditing, Paper 1, 2009
Under periodic inventory system cost of goods sold is determined and recognized in the books of accounts:

(a) At the time of purchase of goods


(b) At the time of sale of goods
(c) At the end of the year
(d) None of these
CSS – Accounting & Auditing, Paper 1, 2010

You might also like