The term 'FIFO' stands for: MCQ with Answer and Explanation

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The term 'FIFO' stands for:

A. First In, First Out

B. Final In, First Out

C. Fixed In, Fixed Out

D. First In, First Over

Answer: Option A

Solution (By JKSSB Mock Tests)

FIFO is an inventory valuation method where the cost of the earliest goods purchased is assigned to the cost of goods sold first.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

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The 'Statement of Affairs' under single entry is similar to:

A. Trading Account

B. Cash Flow Statement

C. Balance Sheet

D. Profit and Loss Account

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Correct Answer: Option C

Explanation:
Statement of affairs shows assets and liabilities, akin to a balance sheet.

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Question #2

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IFRS stands for:

A. Integrated Financial Record System

B. Indian Financial Reporting Standards

C. International Financial Reporting Standards

D. Internal Fraud Recording System

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Correct Answer: Option C

Explanation:
IFRS are globally recognized accounting standards issued by the IASB to bring consistency and comparability to financial statements worldwide.

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Question #3

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The objective of social audit is to:

A. Maximize profits

B. Ensure compliance with tax laws

C. Assess the social impact of an organization's activities

D. Detect financial frauds

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Correct Answer: Option C

Explanation:
Social audit evaluates how well an organization achieves its social and environmental goals, assessing its broader impact on society.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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