Which of the following is a method of inventory valuation? MCQ with Answer and Explanation

Question
Which of the following is a method of inventory valuation?
A. All of these
B. Weighted Average
C. LIFO
D. FIFO
Answer: Option A
Solution (By JKSSB Mock Tests)
FIFO, LIFO, and Weighted Average are all common methods of inventory valuation.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Direct taxes are progressive in nature because:
A. They are only on goods
B. They are collected indirectly
C. Rate increases with income level
D. Rate is same for all
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Correct Answer: Option C

Explanation:
Direct taxes like income tax have higher rates for higher income slabs, making them progressive.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following books is known as the book of original entry?
A. Trial Balance
B. Journal
C. Balance Sheet
D. Ledger
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Correct Answer: Option B

Explanation:
The Journal is the primary book where transactions are first recorded in chronological order.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'GST Suvidha Providers' (GSPs) are:
A. Government agencies
B. Tax officials
C. Banks
D. Private entities authorised to provide GST compliance services
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Correct Answer: Option D

Explanation:
GSPs facilitate taxpayers in filing returns and other GST compliances via software.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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