Inventory Valuation

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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

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