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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.
Which of the following power does not lie with the Parliament as per Art.3 of the Constitution?
The maxim ‘actus non facit rea nisi mens sit rea’ means:
What does the term "product" include according to the definition provided "under the Consumer Protection Act" ?
What is the validity period of a Shelf Prospectus as per the Companies Act?
What is the time period by which the Adjudicating Authority may by order extend the duration of corporate insolvency resolution process beyond one hundr...
A person shall be deemed to be dead if he remained unheard for ………….. years
When an immovable property has been sold in execution of a decree and sale has become absolute, property shall be deemed to have vested in the purchaser...
Which of the following is included in the definition of "consumer rights"?
Negotiable Instrument according to Section 13 of the Negotiable Instrument Act, 1881 do not include__________.
Who grants certificate of commencement of business to a depository?