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LIFO (Last-In-First-Out) is a method of inventory valuation where the cost of the last goods purchased or produced is assumed to be the cost of goods sold first. However, Accounting Standards do not permit the use of LIFO in inventory valuation. This is because LIFO results in the reporting of lower profits and lower taxes during inflationary periods, which can lead to inconsistent financial reporting across companies. Instead, companies are required to use either FIFO (First-In-First-Out) or weighted average cost method for inventory valuation in accordance with the Accounting Standards.
India's Credit-to-Deposit (C-D) ratio for 2023-24 increased to what percentage?
L&T Finance Ltd. has recently transitioned from an NBFC Core Investment Company (NBFCCIC) to a Non banking Financial Company (Investment and Credit Comp...
RailTel Corporation has received a Work Order from which bank for providing 4G LTE connectivity to 15,000 offsite ATMs across the country?
India’s energy demand is expected to triple by 2050. What is the primary driver behind this surge in demand, and how is India positioned in terms of g...
What is the primary goal of the newly launched Krishi Decision Support System (KrishiDSS)?
Which city is to host U18 women basketball event?
The Cabinet's decision to confer Classical Language status to certain Indian languages holds immense cultural and linguistic significance. Considering t...
The Indian Council of Medical Research (ICMR) signed an MoU with NTPC Vidyut Vyapar Nigam to install rooftop solar panels in how many of its institutes?
Which region in Finland will host NATO’s new Multi Corps Land Component Command, expected to be operational in 2024?
What was the total value of the brand strength index (BSI) score of Amul in 2024?