Chapter 10
Accounting
TU CMAT entrance past exam questions
Past questions and answers
1 question set from this chapter. Most repeated first.
- CMAT Set 02 · 1 mark
- CMAT Set 05 · 1 mark
LIFO is a method of valuing
(a) cheque
(b) machine
(c) cash
(d) inventory
Answer
(d) inventory
LIFO (Last In, First Out) is an inventory valuation method in which the most recently purchased goods are assumed to be sold first, so closing stock is valued at the cost of the oldest purchases.
Answer checked by Claude Haiku · Oct 21, 2026
Test yourself · 1 MCQ
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Questions from CMAT Set 01 (BSc CSIT entrance · CMAT Set 1), CMAT Set 02 (BSc CSIT entrance · CMAT Set 2), CMAT Set 03 (BSc CSIT entrance · CMAT Set 3), CMAT Set 04 (BSc CSIT entrance · CMAT Set 4), CMAT Set 05 (BSc CSIT entrance · CMAT Set 5), CMAT Set 06 (BSc CSIT entrance · CMAT Set 6), CMAT Set 07 (BSc CSIT entrance · CMAT Set 7), CMAT Set 08 (BSc CSIT entrance · CMAT Set 8), CMAT Set 09 (BSc CSIT entrance · CMAT Set 9), CMAT Set 10 (BSc CSIT entrance · CMAT Set 10), CMAT 2020 Past Question (BSc CSIT entrance · CMAT · 2020), CMAT 2019 Past Question (BSc CSIT entrance · CMAT · 2019), CMAT (BBM) 2018 Past Question (BSc CSIT entrance · CMAT (BBM) · 2018), CMAT 2018 Past Question (BSc CSIT entrance · CMAT · 2075), CMAT 2017 Past Question (BSc CSIT entrance · CMAT · 2074), CMAT 2016 Past Question (BSc CSIT entrance · CMAT · 2016), CMAT 2015 Past Question (BSc CSIT entrance · CMAT · 2015), CMAT 2014 Past Question (BSc CSIT entrance · CMAT · 2014), CMAT 2012 Past Question (BSc CSIT entrance · CMAT · 2012), CMAT 2011 Past Question (BSc CSIT entrance · CMAT · 2011) and CMAT 2010 Past Question (BSc CSIT entrance · CMAT · 2010). Answers are written for this site; check them against your class notes.