MCQ IN COMPUTER SCIENCE & ENGINEERING

Detailed explanation-1: -The last in, first out, or LIFO (pronounced LIE-foe), accounting method assumes that sellable assets, such as inventory, raw materials, or components, acquired most recently were sold first. The last to be bought is assumed to be the first to be sold using this accounting method.

Detailed explanation-2: -LIFO = Last In First Out Working according to the LIFO principle means that the last goods to be stocked are the first goods to be removed.

Detailed explanation-3: -FIFO stands for “first in, first out” and assumes the first items entered into your inventory are the first ones you sell. LIFO, also known as “last in, first out, ” assumes the most recent items entered into your inventory will be the ones to sell first.

Detailed explanation-4: -LIFO stands for “Last-In, First-Out”. It is a method used for cost flow assumption purposes in the cost of goods sold calculation. The LIFO method assumes that the most recent products added to a company’s inventory have been sold first. The costs paid for those recent products are the ones used in the calculation.

Detailed explanation-5: -The Last-In, First-Out (LIFO) method assumes that the last unit to arrive in inventory or more recent is sold first. The First-In, First-Out (FIFO) method assumes that the oldest unit of inventory is the sold first.