Start learning 50% faster. Sign in now
Methods of inventory are: · FIFO – First In First Out – under this method the inventory bought first will be sold first and the closing stock left is from the last purchases · LIFO – Last In First Out – under this method the inventory bought last will be sold first and the closing stock left is more from the first purchases. · Weighted Average Cost – Cost per unit of inventory will be the weighted average of cost where weights will be the quantity. To reduce tax liability, a company needs to reduce profit and increase costs. by using LIFO method , the cost of inventory would be higher as the price of last purchases would be higher under inflationary period. Using it would lead to higher cost. This will reduce the profit and therefore also reduce the tax liability of the company.
The Preamble to our Constitution proclaims that “We, the People of India have established
Under the Constitution of India the legislative power of Governor is mentioned in which Article?
How many Schedules are there under the Companies Act, 2013?
Which section of the Companies Act lays down provisions relating to document containing offer of securities for sale to be deemed prospectus?
Under section 499 of Indian Penal Code how many exceptions are provided for the offence of defamation?
As per the provisions of the IRDA Act with respect to the tenure of office of the chairperson and other persons, no person shall hold office as a Chairp...
Which of the following is not a type of trespass to person under the Law of Torts?
Which type of share is issued by a company to its existing shareholders without receipt of any consideration from shareholders for issuance of such share?
The period of limitation as per provisions of Limitation Act 1963 to file suit by a person excluded from a joint family property to enforce a right to s...
An act done by a person bound by law or by mistake of fact believing himself bound by law is: