CA Foundation Exam > CA Foundation Questions > fifo Related: Inventories, Fundamentals of A...
Start Learning for Free
fifo
Verified Answer
fifo Related: Inventories, Fundamentals of Accounting
FIFO is the acronym for First-In, First-Out. FIFO is a cost flow assumption often used to remove costs from the Inventory account when an item in inventory had been purchased at varying costs.
Under FIFO, the oldest cost of an item in inventory will be removed first when one of those items is sold. This oldest cost will then be reported on the income statement as part of the cost of goods sold. FIFO also means that the more recent costs of an item will remain in the Inventory account and will be reported on the balance sheet.
This question is part of UPSC exam. View all CA Foundation courses
|
|
Explore Courses for CA Foundation exam
|
|
Top Courses for CA FoundationView all
fifo Related: Inventories, Fundamentals of Accounting
Question Description
fifo Related: Inventories, Fundamentals of Accounting for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about fifo Related: Inventories, Fundamentals of Accounting covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for fifo Related: Inventories, Fundamentals of Accounting.
fifo Related: Inventories, Fundamentals of Accounting for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about fifo Related: Inventories, Fundamentals of Accounting covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for fifo Related: Inventories, Fundamentals of Accounting.
Solutions for fifo Related: Inventories, Fundamentals of Accounting in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of fifo Related: Inventories, Fundamentals of Accounting defined & explained in the simplest way possible. Besides giving the explanation of
fifo Related: Inventories, Fundamentals of Accounting, a detailed solution for fifo Related: Inventories, Fundamentals of Accounting has been provided alongside types of fifo Related: Inventories, Fundamentals of Accounting theory, EduRev gives you an
ample number of questions to practice fifo Related: Inventories, Fundamentals of Accounting tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup