Q.11)-These are the items purchased to be used in the production process
  • Sales
  • Purchase
  • Raw material
  • Goods
Q.12)-WIP stands for
  • Work incomplete
  • Work in progress
  • Work in pressure
  • Work in present
Q.13)-FIFO stands for
  • First in Fast out
  • First in First out
  • Fast in Fast out
  • Fast in First out
Q.14)-LIFO stand for
  • Last in Fast out
  • Last in Front out
  • Last in First out
  • Last in First out