Sample questions
You've seen the pattern — here are a few of the actual PYQs.
EPFO2025
The principle of inventory valuation - "cost or net realisable value, whichever is lower" is based on :
- A Accrual Concept
- B Matching Concept
- C Money Measurement Concept
- D Convention of Conservatism
Answer key not yet available (pending official release)
Commerce & Accountancy › Financial Accounting
EPFO2023
Consider the following information : Date | Particulars | Units | Rate per unit (in Rs.) — Jan. 1 Inventory in hand 200, 7; Jan. 8 Purchases 1100, 8; Jan. 25 Purchases 300, 9; Jan. 6 Issued for sale 100; Jan. 9 Issued for sale 200. Which one of the following is the value of inventory on January 31 under perpetual inventory system using Last-In-First-Out (LIFO) method?
- A Rs. 6,600
- B Rs. 8,600
- C Rs. 10,600 ✓
- D Rs. 12,000
✓ Correct answer: (C)
Commerce & Accountancy › Cost & Management Accounting
EPFO2015
Data regarding inventory of a particular item of usage in the production activities of an organization are : the quantity in stock is 1500 units and the value of this stock is ₹ 1,27,500. (This works out to an average unit cost of ₹ 85.) During the ensuing year X, an additional 300 units are purchased at a unit cost of ₹ 95. Consumption in production processes during the year X has been 600 units. Working by the First-In-First-Out basis, the value of the residual inventory of the item at the end of the year X will be
- A ₹ 1,00,000
- B ₹ 1,02,500
- C ₹ 1,05,000 ✓
- D ₹ 1,07,500
✓ Correct answer: (C)
Commerce & Accountancy › Cost & Management Accounting
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