Which of the following is NOT a method of costing? MCQ with Answer and Explanation

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Which of the following is NOT a method of costing?

A. Marginal costing

B. Job costing

C. Process costing

D. Forensic costing

Answer: Option D

Solution (By JKSSB Mock Tests)

Forensic costing is not a standard costing method. Job, process, batch, contract, marginal are methods/techniques.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

The 'Remission of Duties and Taxes on Exported Products' (RoDTEP) scheme replaced:

A. Merchandise Exports from India Scheme (MEIS)

B. Advance Authorisation

C. EPCG

D. SEZ scheme

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Correct Answer: Option A

Explanation:
RoDTEP replaced MEIS to ensure WTO compliance, refunding embedded taxes not refunded through GST.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

The 'Input Tax Credit' on capital goods under GST is available:

A. Only on goods up to ₹5,000

B. 100% in the first year

C. Not allowed

D. Spread over the useful life

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Correct Answer: Option B

Explanation:
ITC on capital goods can be availed fully in the year of purchase, except for certain blocked credits.

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Question #3

The matching concept requires that:

A. Debits equal credits

B. Profits should match cash

C. Assets should equal liabilities

D. Expenses should be matched with revenues of the same period

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Correct Answer: Option D

Explanation:
Matching principle states that expenses incurred to earn revenues should be recognized in the same accounting period.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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