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

Question
The term 'FIFO' stands for:
A. Final In, First Out
B. Fixed In, Fixed Out
C. First In, First Over
D. First In, First Out
Answer: Option D
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
In cost accounting, 'Cost Unit' means:
A. An expense head
B. A unit of product or service for which cost is ascertained
C. A location where costs are incurred
D. A group of costs
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Correct Answer: Option B

Explanation:
Cost unit is a quantitative unit of product or service for which costs are determined, e.g., per ton, per km.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In cost accounting, Idle Time wages are usually charged to:
A. Factory Overheads
B. Profit & Loss Account (if abnormal)
C. Direct Labor Account
D. Both B and C
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Correct Answer: Option D

Explanation:
Normal idle time is charged to Factory Overheads, while abnormal idle time (e.g., strikes, power failure) is charged to the Costing P&L Account.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Section 194O' deals with TDS on:
A. Salary
B. Rent
C. E-commerce transactions
D. Professional fees
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Correct Answer: Option C

Explanation:
E-commerce operators deduct TDS on payments to e-commerce participants at 1%.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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