Final Accounts ...

Cost of inventories includes ___________________.

Inventories are assets __________________.

All revenue expenditure and receipts are taken to ____________.

Which one of the following methods of inventory valuation matches current cost with current revenues?

Net realizable value is ____________________.

Rs.1,95,000Rs.1,95,000, December. The amount to be debited to Profit and loss account would be _______________.

In which of the following methods, inventory is valued at the latest prices prevailing in the market?

FIFO is advisable in case of _____________.

Inventory is valued at _____________.

Which one of the following statements are correct?
(i) Inventory includes raw materials, finished goods and goods in process
(ii) Inventory is a part of the working capital
(iii) Inventory includes goods likely to be purchased in the coming months
Select the correct answer using the codes given below.