What type of stock valuation would a vegetable seller ado...
What type of stock valuation would a vegetable seller adopt in valuing it's product?
LIFO
FIFO
Simple average
Weighted average
Correct answer is B
FIFO is a method of stock valuation that stands for 'First-In, First-Out'. This assumes that the first (oldest) units of stock produced or received are also the first ones that are sold. This is also suitable for perishable items
The sales ledger contains accounts of ...
Which of the following accounts has a debit balance? ...
\(\begin{array}{c|c} Capital & Le \\ \hline Aye & 20,000\\ Bee & 30,000\\ Drawings &...
Which of the following is a current asset item? ...
\(\begin{array}{c|c} & Ade(N) & Bola(N) \\ \hline Capital & 40,000 & 30,000 \\ \hlin...
Which of the following errors will affect the trial balance total? ...
If the opening stock is 5% of sales. calculate the purchases ...