1659. A method of inventory recording which produces high inventories in balance sheet is classified as

by
First out receivable
First in first out
Last in first out
last out receivable
✅ The correct answer is B.
A method of inventory recording which produces high inventories in balance sheet is classified as First in first out. First in, first out (FIFO) is an asset-management and valuation method in which the assets produced or acquired first are sold, used or disposed of first and may be used by an individual or a corporation.

1657. Variability for expected returns for projects is classified as

by
expected risk
stand-alone risk
variable risk
returning risk
✅ The correct answer is B.
Variability for expected returns for projects is classified as stand-alone risk. Standalone risk measures the dangers associated with a single facet of a company’s operations or by holding a specific asset, such as a closely-held corporations. In portfolio management, standalone risk measures the undiversified risk of an individual asset.

153. Interest on drawings is ___ for the business

by
Loss
Expense
Gain
None of the above
✅ The correct answer is C.
Interest on drawings is gain for the business. Interest on drawings is an income to the firm, and hence it is credited to the profit and loss appropriation account. On the other hand, interest on drawings is an expense to the partners, and hence it is debited to their capital accounts.

1653. The __________ co-operative societies are formed to give financial help to small farmers and other poor sections of the society.

by
Consumers
Producers
Credit
Housing
✅ The correct answer is C.
The Credit co-operative societies are formed to give financial help to small farmers and other poor sections of the society. These societies are formed to give financial help to small farmers and other poor sections to the society.

1652. Costing method, which calculates per equivalent unit cost of all production related work done till calculate date is termed as

by
weighted average method
net present value method
Gross production method
net present value method
✅ The correct answer is A.
Costing method, which calculates per equivalent unit cost of all production related work done till calculate date is termed as weighted average method. The Weighted Average Cost (WAC) method of inventory valuation uses a weighted average to determine the amount that goes into COGS.

1669. A higher accounts receivable turnover ratio means__________.

by
lower debt collection period
higher debt collection period
lower sales
higher sales
✅ The correct answer is A.
A higher accounts receivable turnover ratio mean lower debt collection period. Debtor Collection Period indicates the average time taken to collect trade debts. In other words, a reducing period of time is an indicator of increasing efficiency.

1667. Which principle means flow of resources from many to one?

by
Mutuality or pooling
Mutuality or cooperation
Pooling or funding
Resourcing or pooling
✅ The correct answer is A.
Mutuality or pooling principle means flow of resources from many to one. Mutuality is the principle of private, commercial insurance; individuals enter the pool for sharing losses, and pay according to the best estimate of the risk they bring with them.