UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Methods of Valuing Material Issues - LIFO Method(Last In First Out)
Methods of Valuing Material Issues - LIFO Method(Last In First Out) Video Lecture | Commerce & Accountancy Optional Notes for UPSC
|
180 videos|153 docs
|
FAQs on Methods of Valuing Material Issues - LIFO Method(Last In First Out) Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What is the main principle behind the LIFO method of valuing material issues? |  |
Ans. The LIFO method (Last In First Out) values material issues based on the assumption that the most recently acquired materials are the first to be used or issued.
| 2. How does the LIFO method affect the cost of goods sold in a business? | |
Ans. The LIFO method typically results in a higher cost of goods sold compared to other inventory valuation methods, as it assumes that the most recent and presumably more expensive materials are used first.
| 3. Can the LIFO method be used for valuing material issues in all types of businesses? | |
Ans. The LIFO method may not be suitable for all businesses, especially those with perishable or rapidly changing inventory, as it may not accurately reflect the actual flow of materials.
| 4. What are some advantages of using the LIFO method for valuing material issues? | |
Ans. Some advantages of using the LIFO method include better matching of current costs with current revenues and potential tax benefits due to lower taxable income from higher cost of goods sold.
| 5. Are there any limitations or drawbacks to using the LIFO method for valuing material issues? | |
Ans. Some limitations of the LIFO method include potential distortions in inventory valuation during periods of inflation, reduced comparability with other businesses using different inventory valuation methods, and increased complexity in inventory management.
Related Exams
About this Video
|
Dec 18, 2024 Last updated |
Video Description: Methods of Valuing Material Issues - LIFO Method(Last In First Out) for UPSC 2024 is part of Commerce & Accountancy Optional Notes for UPSC preparation.
The notes and questions for Methods of Valuing Material Issues - LIFO Method(Last In First Out) have been prepared according to the UPSC exam syllabus.
Information about Methods of Valuing Material Issues - LIFO Method(Last In First Out) covers all important topics for UPSC 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Methods of Valuing Material Issues - LIFO Method(Last In First Out).
Introduction of Methods of Valuing Material Issues - LIFO Method(Last In First Out) in English is available as part of our Commerce & Accountancy Optional Notes for UPSC for UPSC & Methods of Valuing Material Issues - LIFO Method(Last In First Out) in
Hindi for Commerce & Accountancy Optional Notes for UPSC course. Download more important topics related with notes, lectures and mock test series for
UPSC Exam by signing up for free.
Description
Video Lecture & Questions for Methods of Valuing Material Issues - LIFO Method(Last In First Out) Video Lecture | Commerce & Accountancy Optional Notes for UPSC - UPSC full syllabus preparation | Free video for UPSC exam to prepare for Commerce & Accountancy Optional Notes for UPSC.
Information about Methods of Valuing Material Issues - LIFO Method(Last In First Out)
Here you can find the meaning of Methods of Valuing Material Issues - LIFO Method(Last In First Out) defined & explained in the simplest way possible.
Besides explaining types of Methods of Valuing Material Issues - LIFO Method(Last In First Out) theory, EduRev gives you an ample number of questions to practice Methods of Valuing Material Issues - LIFO Method(Last In First Out) tests,
examples and also practice UPSC tests.
|
180 videos|153 docs
|
|
Explore Courses for UPSC exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Methods of Valuing Material Issues - LIFO Method(Last In First Out) Video Lecture | Commerce & Accountancy Optional Notes for UPSC
,practice quizzes
,video lectures
,Previous Year Questions with Solutions
,shortcuts and tricks
,Viva Questions
,Free
,study material
,MCQs
,ppt
,Sample Paper
,Methods of Valuing Material Issues - LIFO Method(Last In First Out) Video Lecture | Commerce & Accountancy Optional Notes for UPSC
,past year papers
,Extra Questions
,Exam
,Methods of Valuing Material Issues - LIFO Method(Last In First Out) Video Lecture | Commerce & Accountancy Optional Notes for UPSC
,Important questions
,Objective type Questions
,Semester Notes
,Summary
,mock tests for examination
;
Study Methods of Valuing Material Issues - LIFO Method(Last In First Out) on the App
Students of UPSC can study Methods of Valuing Material Issues - LIFO Method(Last In First Out) alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Methods of Valuing Material Issues - LIFO Method(Last In First Out),
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Methods of Valuing Material Issues - LIFO Method(Last In First Out) is prepared as per the latest UPSC syllabus.
|
© 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