The 'Life Cycle Costing' considers costs: MCQ with Answer and Explanation

Question
The 'Life Cycle Costing' considers costs:
A. Only during manufacturing
B. Only fixed costs
C. Only variable costs
D. From product design to disposal
Answer: Option D
Solution (By JKSSB Mock Tests)
Life cycle costing tracks costs from research and development to after-sales service and disposal.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Goods and Services Tax Network' (GSTN) is:
A. A government department
B. A not-for-profit non-government company providing IT infrastructure for GST
C. A tax tribunal
D. A bank
Discuss
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Correct Answer: Option B

Explanation:
GSTN is a special purpose vehicle that provides the IT backbone for GST registration, return filing, etc.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In 'Piecemeal Distribution' during dissolution, the first priority for payment of outside liabilities is:
A. Partners' loans
B. Secured creditors up to the value of security
C. Unsecured trade creditors
D. Partners' capital balances
Discuss
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Correct Answer: Option B

Explanation:
Secured creditors have the first right over the assets they hold as security. Any remaining dues become unsecured.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A 'Endowment Fund' received by a non-profit organisation is treated as:
A. Capital receipt
B. Income
C. Expense
D. Revenue receipt
Discuss
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Correct Answer: Option A

Explanation:
Endowment fund is a capital receipt, usually invested, and only the income is used.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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