The primary objective of cost accounting is: MCQ with Answer and Explanation

Question
The primary objective of cost accounting is:
A. To ascertain cost and control cost
B. To prepare financial accounts
C. To ascertain selling price
D. To calculate tax
Answer: Option A
Solution (By JKSSB Mock Tests)
Cost accounting focuses on recording, classifying, and controlling costs to aid management decisions.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
A tax levied on a commodity at each stage of production and distribution, based only on the value added at that stage, is characteristic of:
A. Value Added Tax (VAT) / GST
B. Income Tax
C. Corporate Tax
D. Wealth Tax
Discuss
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Correct Answer: Option A

Explanation:
VAT/GST eliminates the cascading effect by taxing only the value added, utilizing the Input Tax Credit mechanism.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
PFMS integrates with which system for Direct Benefit Transfer?
A. Only UPI
B. Core Banking System
C. Aadhaar Payment Bridge
D. Both A and B
Discuss
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Correct Answer: Option D

Explanation:
PFMS uses the banking network and Aadhaar-based payments for DBT.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The time value of money concept is a core element in which financial management decision?
A. Inventory Valuation
B. Capital Budgeting
C. Ratio Analysis
D. Working Capital Management
Discuss
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Correct Answer: Option B

Explanation:
Capital budgeting techniques like Net Present Value (NPV) discount future cash flows, fundamentally relying on the time value of money.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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