B. Cost of purchase, cost of conversion, and other costs to bring inventory to present location and condition
C. Only purchase price
D. Only conversion cost
Answer: Option B
Solution (By JKSSB Mock Tests)
AS 2 defines cost of inventory to include all costs of purchase, conversion, and other costs incurred in bringing the inventory to its present location and condition.
A firm's assets ₹6,00,000, liabilities ₹1,00,000, normal rate 10%, average profit ₹75,000. Value of goodwill by capitalization of average profit method (total value less net assets) is:
Assertion (A): The Public Financial Management System (PFMS) integrates with the Core Banking Solutions (CBS) of banks. Reason (R): This integration ensures that funds are credited directly to the beneficiary's account, eliminating leakages. Choose the correct option.
A.Both A and R are true but R is NOT the correct explanation of A
B.A is true but R is false
C.Both A and R are true and R is the correct explanation of A
Explanation:
PFMS integrates with CBS to enable Direct Benefit Transfer (DBT). This direct credit to beneficiary accounts ensures transparency and eliminates middlemen, correctly explaining the purpose of the integration.
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