1.FIFO is a method of valuing:
Inventories
Fixed assets
Company
2.FIFO is a acronym of:
Fist in first order
First in first out
First in first obtained
3.When cost are increasing, FIFO method reports higher net income as compared to:
Weighted average method
LIFO method
None of the above
4.Periodic and Perpetual system can be used in FIFO method:
Yes
No.
- The end result under periodic FIFO is the same as under perpetual FIFO
Yes
No.
6.Clsoing inventory under FIFO method is the items of inventory purchased:
First
Last
7.FIFO can be used by:
Any individual
Any corporation
All of them.
8.Alternative method of inventory valuation to FIFO are:
LIFO
Weighted average
NRV
LIFO & Weighted average.
9.In FIFO, the oldest costs will be the first costs to be removed from the balance sheet account Inventory:
True
False
10.FIFO works on the principle of inventory obsolescence”
True
False