The 'Kaizen Costing' focuses on: MCQ with Answer and Explanation

Question
The 'Kaizen Costing' focuses on:
A. Continuous improvement and cost reduction during the production phase
B. Discontinuing products
C. Capital budgeting
D. New product design
Answer: Option A
Solution (By JKSSB Mock Tests)
Kaizen is a Japanese concept of continuous small improvements.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
If BRS is prepared starting with a credit balance as per Cash Book (overdraft), interest allowed by the bank will be:
A. Treated as an error
B. Not treated in BRS
C. Deducted
D. Added
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Correct Answer: Option C

Explanation:
Interest allowed reduces the actual bank overdraft (Pass book). To make the Cash book overdraft match this lower figure, it must be deducted.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Fair Value Hierarchy' under Ind AS 113 categorises inputs into:
A. Primary and Secondary
B. Market and Cost
C. Level 1, Level 2, Level 3
D. Direct and Indirect
Discuss
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Correct Answer: Option C

Explanation:
Level 1: quoted prices; Level 2: observable inputs other than quoted prices; Level 3: unobservable inputs.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A 'Non-Resident' is a person who:
A. Does not satisfy the basic conditions of residence
B. Lives abroad permanently
C. Has income only outside India
D. Is a foreign citizen
Discuss
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Correct Answer: Option A

Explanation:
Non-resident status is determined by fulfilling conditions under Section 6 of Income Tax Act.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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