Which method of inventory valuation is commonly used in partnership firms?
Practice Questions
1 question
Q1
Which method of inventory valuation is commonly used in partnership firms?
FIFO
LIFO
Weighted Average
All of the above
Partnership firms can use any of the inventory valuation methods, including FIFO, LIFO, and Weighted Average, depending on their accounting policies.
Questions & Step-by-step Solutions
1 item
Q
Q: Which method of inventory valuation is commonly used in partnership firms?
Solution: Partnership firms can use any of the inventory valuation methods, including FIFO, LIFO, and Weighted Average, depending on their accounting policies.
