The 'Economic Order Quantity' (EOQ) model is used to determine: MCQ with Answer and Explanation

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The 'Economic Order Quantity' (EOQ) model is used to determine:
A. Break-even point
B. Optimum order size that minimizes total inventory costs
C. Selling price
D. Optimum production level
Answer: Option B
Solution (By JKExamLibrary)
EOQ balances ordering costs and carrying costs to minimize total inventory cost.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1 Report Error
The 'Advance Ruling' under GST provides:
A. Penalty imposition
B. Clarity on tax liability on proposed transactions
C. Registration
D. Audit report
Discuss

Correct Answer: Option B

Explanation:
Advance ruling helps businesses determine GST implications before undertaking a transaction.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2 Report Error
Input Tax Credit under GST is available only if:
A. Goods are exempted
B. The supplier has uploaded the invoice in GSTR-1 and it appears in GSTR-2B
C. Payment is made in cash
D. Goods are purchased from unregistered dealer
Discuss

Correct Answer: Option B

Explanation:
ITC can be claimed only if the invoice details are reflected in the recipient's GSTR-2B.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3 Report Error
The term 'Capitalisation' of reserves means:
A. Writing off fictitious assets
B. Utilising reserves for issue of bonus shares
C. Transfer of reserves to capital account
D. Distributing reserves as dividend
Discuss

Correct Answer: Option B

Explanation:
Capitalisation of reserves refers to converting reserves into share capital, i.e., bonus issue.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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