A costing system that focuses on continuous small improvements in manufacturing processes to reduce costs is known as: MCQ with Answer and Explanation

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A costing system that focuses on continuous small improvements in manufacturing processes to reduce costs is known as:

A. Life Cycle Costing

B. Kaizen Costing

C. Target Costing

D. Standard Costing

Answer: Option B

Solution (By JKSSB Mock Tests)

Kaizen costing is a Japanese concept involving continuous, incremental improvements to reduce costs during the manufacturing phase.

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Question #1

'Internal Control' is the responsibility of:

A. Shareholders

B. Management

C. Auditor

D. Government

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Correct Answer: Option B

Explanation:
Management is responsible for establishing and maintaining internal controls.

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Question #2

S1: The Current Ratio measures long-term solvency. S2: The Debt-Equity Ratio measures short-term liquidity. Which statement(s) is/are correct?

A. S1 only

B. Both S1 and S2

C. Neither S1 nor S2

D. S2 only

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Correct Answer: Option C

Explanation:
The Current Ratio measures short-term liquidity, not long-term solvency. The Debt-Equity Ratio measures long-term solvency, not short-term liquidity. Both statements have swapped the definitions. Both are incorrect.

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Question #3

The 'Economic Survey' is presented:

A. After the budget

B. A month before

C. On the same day

D. A day before the budget

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Correct Answer: Option D

Explanation:
Economic Survey is tabled typically a day before the Union Budget.

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