Which of the following is considered a Direct Expense? MCQ with Answer and Explanation
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Question #1
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When a firm adopts 'Lean Accounting', it primarily tries to:
Correct Answer: Option A
Explanation:
Lean accounting supports lean manufacturing by eliminating complex, non-value-adding accounting transactions and focusing on value stream costing.
Lean accounting supports lean manufacturing by eliminating complex, non-value-adding accounting transactions and focusing on value stream costing.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Updated Return' (ITR-U) attracts additional tax of:
Correct Answer: Option B
Explanation:
Additional tax on updated return is 25% if filed within 12 months from end of AY, 50% if after 12 months but before 24 months.
Additional tax on updated return is 25% if filed within 12 months from end of AY, 50% if after 12 months but before 24 months.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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In cost accounting, the term 'Opportunity Cost' means:
Correct Answer: Option A
Explanation:
Opportunity cost is the potential benefit that is given up when one alternative is selected over another.
Opportunity cost is the potential benefit that is given up when one alternative is selected over another.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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