The 'Target Costing' approach begins with: MCQ with Answer and Explanation

Question Report Error
The 'Target Costing' approach begins with:
A. Calculating actual cost
B. Budgeting
C. Determining cost of production
D. Setting a desired selling price and then deducting desired profit margin to arrive at target cost
Answer: Option D
Solution (By JKExamLibrary)
Target costing is a market-driven approach: Target cost = Target selling price - Desired profit.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1 Report Error
The 'Securities Transaction Tax' (STT) is levied under:
A. Finance Act (Chapter VII of Finance (No.2) Act, 2004)
B. Income Tax Act
C. Securities Contracts (Regulation) Act
D. GST Act
Discuss

Correct Answer: Option A

Explanation:
STT is levied through the Finance Act.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2 Report Error
The 'Goods and Services Tax' (GST) compensation cess is levied on:
A. Luxury goods, demerit goods, and certain other specified items
B. Exported goods
C. Agricultural produce
D. All goods and services
Discuss

Correct Answer: Option A

Explanation:
Compensation cess is specifically on pan masala, tobacco, coal, aerated drinks, automobiles, etc.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3 Report Error
Under GST, if a registered person makes both taxable and exempt supplies, the input tax credit (ITC) on common inputs must be reversed. Which rule prescribes the methodology for this reversal?
A. Rule 54 and 55
B. Rule 36 and 37
C. Rule 42 and 43
D. Rule 89 and 90
Discuss

Correct Answer: Option C

Explanation:
Rule 42 and 43 of the CGST Rules prescribe the methodology for determining and reversing ITC attributable to exempt and non-business supplies.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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