SSC MCQ Question Ans. Cost Price, Cost of Production and Selling Price

SSC MCQ Question Ans. Cost Price, Cost of Production and Selling Price. Pricing is important for the goods and commodities which are produced, purchased and sold for the trading purpose. If the price is not properly determined then the business will suffer loss and many other hazards.  To survive in the current competitive market situation, determining cost price at the time of production or purchase, also to determine to sell price at the time of sales and overall, the price is vital for maintaining the interest of both purchaser and sellers.

SSC MCQ Question Ans. Cost Price, Cost of Production and Selling Price

The prime objective of a business concern is to ascertain actual profit and loss. Determination of actual profit or loss will not possible if the price of the goods purchased and their selling price are not properly determined. Cost price is determined by adding direct expenses incurred to the value of goods produced or purchased. Indirect expenses are added to them to make up the total cost of the goods purchased and a certain percentage of profit is added to this total cost for determining the selling price.

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