Economic order quantity is that quantity at which cost of holding and carrying inventory is ________________.

If a venturer draws a bill on his co-venturer and if the drawer discounts the bill with same sets of books maintained, the discounting charges will be borne by _______________.

A purchased goods costing 45,000. B sold goods costing Rs. 40,000 at Rs. 50,000. Balance goods were taken over by A at same gross profit percentage as in case of sale. The amount of goods taken over will be ________.

A and B enter into a joint venture sharing profits and losses equally. A provides goods from his stock Rs. 10,000. He pays expenses amounting to Rs 1000. B incurs further expenses on carriage Rs. 2,000. He receives cash for sales Rs. 15,000. He also takes over goods to the value of Rs. 3,000. What will be the amount to be remitted by B to A Rs.

M and N enter into a joint venture where M supplies goods worth Rs. 6,000 and spends Rs. 300 on various expenses. N sells the entire lot for Rs. 7,800 meeting selling expenses amounting to Rs. 300. Profit sharing ratio equal. N remits to M the amount due. The amount of remittance will be _______________.

A bond whose price will rise above its face value is classified as _______________.

A invoiced out certain goods so as to show a profit of 20% on invoice price. 1/10th of the goods were lost in transit. The cost price of goods lost is Rs 40,000. The invoice value of goods sent out will be ___________.

Ram sends goods on approval basis as follows :

The stock of goods sent on approval on 31st January will be:

In a joint venture, A contributes Rs. 8,000 and B contributes Rs. 10,000. Goods are purchased for Rs. 11,000. Expenses amount to Rs. 1,000. Sales amount to Rs. 14,000, the remaining goods were taken by B at an agreed price of Rs. 400. A and B share profits and losses in the ratio of 1:2 respectively. As a final settlement, how much A will receive ?

Under sales on return or approval basis, when transactions are few and the seller at the end of the accounting year reverses the sale entry, then the accounting treatment for the goods returned by the customers on a subsequent date will be ______________.

A and B entered into a joint Venture to purchase and sell a new item. They agreed to share the profits and losses equally, A purchased goods worth Rs. 90,000 and spent Rs. 25,000 in sending the goods, B spent Rs. 5,000 as selling expenses and sold goods for Rs. 20,0000. What will be the amount  remitted by B to A as final settlement ?

Under sales on return or approval basis, the ownership of goods is passed only ___________________.

A, for joint venture with B, purchased goods costing 2,00,000, B sold 80% of' the goods for Rs. 2,50,000. Balance of goods were taken over by B at cost less 25%. Find out profit on venture ?

Which of the following are generally the inventories of a service business _________.

Which method of inventory valuation helps in reducing the burden of income tax in times of rising prices?

A higher inventory ratio indicates ____________.

Activities related to coordinating, controlling and planning flow of inventory are classified as ________________.

Which of the following is not included in cost of inventory?

Inventory, is generally valued as lower of ________________.

Which one out of the following is not an inventory valuation method?

ABC analysis of inventory __________________________.

Goods lost by fire is debited to Goods A/c.

Rs 1500 being LIC premium of proprietor paid by the firm will be debited to ________________.

Under inflationary conditions, which of the following method of inventory valuation will show lowest cost of goods sold ?

Accounting policy for inventories of an enterprise is, ' Inventories are valued at the lower of cost determined on weighted average basis or the net realizable value.' Which accounting principle is followed by the enterprise?

Under FIFO method, in times of rising prices, the charge to production is _______.

Goods sold by other co-venturer is debited to which account ________________.

 X a co-venturer returns goods to other co- venturer Y. In whose books the transaction would be recorded under memorandum joint venture method?

If at the beginning and ending of the period, goods inventories are $Rs. 400$ and $Rs. 700$ respectively and cost of goods sold is $Rs 3400$. Then net purchases are __________.

The total cost of goods available for sale with a company during the current year is Rs. $12,00,000$ and the total sales during the period are Rs. $13,00,000$. If the gross profit margin of the company is $33$ $1/3\%$ on cost, the closing inventory during the current year is __________?

Goods given as charity should be credited to _______________.

Linux Ltd. maintains the inventory records under perpetual system of inventory. Consider the following data pertaining to inventory of Linux Ltd. held for the month of March 2005:

If the company sold $32$ units on March 24, 2005, closing inventory under FIFO method is:

Inventory is valued at _____________.

While making an adjusting entry in respect of closing stock, we debit ______________.

As per AS-2 historical cost of inventory includes ___________.

In which of the following methods, inventory is valued at the latest prices prevailing in the market?

Net realizable value means _______________.

Inventories are assets __________________.

Cost of inventories includes ___________________.

Which one of the following methods of inventory valuation matches current cost with current revenues?

Net realizable value is ____________________.

FIFO is advisable in case of _____________.

The success of perpetual inventory system depends upon ______________.

Which one of the following statements are correct?
(i) Inventory includes raw materials, finished goods and goods in process
(ii) Inventory is a part of the working capital
(iii) Inventory includes goods likely to be purchased in the coming months
Select the correct answer using the codes given below.

Goods withdrawn by the proprietor for his personal use are_________. 

Which of the following is not classified as inventory in the financial statements?

Rs. $1,250$ paid for the residential telephone bill of the proprietor which of these accounts will be debited _________________.

State with reasons whether the following statement is true or false:
Inventory by-product should be valued at net realisable value where cost of by product can be separately determined.

State with reasons whether the following statement is true or false:
Damaged inventory should be valued at cost or market price; whichever is lower.

State with reasons whether the following statement is true or false:
The inventory under AS-2 is valued on the basis of cost price or current replacement cost, which ever is less.

Goods costing Rs.10,000 destroyed by fire should be credited to 

Goods distributed as free samples is an example of _________.

Good worth $Rs.500$ taken by the proprietor for personal use should be debited to ______________.

A withdrawal of goods from business by the proprietor should be credited to _______________.

Employees took stock costing Rs 1000 (sale price Rs 1200) in this case _____________________.

Goods sod to Ram for cash Rs 1000 ________________.

Goods costing Rs 1000 (Sale Price Rs 1200) distributed as free samples should be credited to ________.

Goods costing Rs 1000 (Sale price Rs 1200) used in making furniture should be credited to ________________.

Goods costing Rs 1000 (Sale price Rs 1200) stolen should be credited to __________________.

A sale of goods to Ram should be debited to ____________.

Goods costing Rs 1000 (Sale Price Rs 1200) given as charity should be credited to __________________.

The cost of inventory as per physical verification as on 24th March was Rs.4,00,000. Goods are sold at a profit of 25%on cost.
On 21st March, goods on the sales value of Rs.1,00,000 were sent on sale on return basis to a customer , the period of approval being two week .He returned 20% of the goods on 31st March.
The cost of inventory as per books on 31st march is ______________.

Goods costing Rs 1000 (Sale Price Rs 1200) destroyed by fire should be credited to _________________.

Cost of Physical Stock Rs.2,30,000
Goods purchases for Rs.10,000 received but omitted to be recorded
Goods costing Rs.20,000 were sold & delivered but omitted to be recorded
Goods costing Rs.5,000 were returned by customers but omitted to be recorded.
Goods costing Rs.3,000 were returned to suppliers but omitted to be recorded.
The cost of stock as per books is ____________.

Goods given as charity credited to ___________.

Change in inventories of finished goods, work-in-progress and stock-in-trade means _________________________.

The following classes of costs are usually involved in inventory decisions except________.

Goods worth Rs. 10,000 were withdrawn by the proprietor for his personal use. The account to be credited is ___________.

Goods given as samples should be credited to ______________.

Which store accounting system involves use of market price or stock at cost, whichever is less?

EOQ determines the order size when ______________.

Changing the value of closing stock from cost to expected selling price might be an application of which accounting concept?

Which method of inventory valuation is most widely used in accounting?

Which of the following is true for a company which continuous reviews its inventory system?

Which inventory price method assumes that the goods most recently purchased are sold first?

Under FIFO method, the materials issued are priced at ___________.