Correct Answer: Statement 1 is correct, and statement 2 is false.

Solution : The correct answer is (b) Statement 1 is correct, and statement 2 is false.

Statement 1 is correct. The marketing concept does indeed focus on creating and delivering superior customer value. It emphasizes understanding and meeting customer needs effectively to provide value to customers and achieve long-term customer satisfaction and loyalty.

Statement 2 is false. The production concept does not solely rely on aggressive advertising to drive sales. The production concept focuses on efficient and cost-effective production processes to mass-produce standardized products.

Therefore, statement 1 is correct, and statement 2 is false.

Correct Answer: Setting customer service standards.

Solution : The correct answer is (a) Setting customer service standards.

The first step for IJK Retail in the process of controlling would be to set customer service standards. This involves defining clear and specific expectations for the level of customer service that the company aims to provide across all its retail outlets. These standards serve as benchmarks against which actual performance can be measured and evaluated. Once the standards are established, IJK Retail can then proceed with the subsequent steps of the controlling process, including measuring customer satisfaction, comparing performance to standards, and taking corrective action if necessary.

Correct Answer: Statement 1 is correct, and statement 2 is false.

Solution : The correct answer is (b) Statement 1 is correct, and statement 2 is false.

Statement 1 is correct. The selling concept does aim to increase short-term sales through aggressive promotional strategies and high-pressure sales techniques. Its focus is on achieving immediate sales rather than long-term customer satisfaction.

Statement 2 is false. The marketing concept does not disregard customer preferences; in fact, it emphasizes understanding and fulfilling customer preferences. The marketing concept is customer-oriented and aims to deliver value to customers based on their needs and preferences.

Correct Answer: 12 times

Solution : Answer = 12 times

Inventory Turnover Ratio = Cost of goods sold/Average Inventory

$\begin{gathered}\Rightarrow \quad 4,80,000 /40,000 \\ =12 \text { times }\end{gathered}$

Cost of goods sold = Sales - G.P

$x=6,00,000-\frac{x}{4}$

$\begin{aligned} 5 x & =6,00,000 \times 4 \\ x & =4,80,000\end{aligned}$

Cost of goods sold = 4,80,000

Average Inventory 

$\begin{aligned} & =\frac{28000+58000}{2} \\ & =80,000 / 2 \\ & =40,000\end{aligned}$
Hence, the correct option is 4.

Correct Answer: Both statements are incorrect.

Solution : The correct answer is (c) Both statements are incorrect.

Statement 1 is incorrect. The selling concept primarily focuses on short-term sales and transactions rather than building long-term customer loyalty. It often involves aggressive sales tactics to close deals.

Statement 2 is false. The marketing concept does not solely rely on aggressive advertising for sales. The marketing concept involves understanding customer needs, creating valuable products or services, and effectively promoting them, considering a holistic approach to meet both customer satisfaction and business goals.

Therefore, statement 1 is incorrect, and statement 2 is false.

Correct Answer: 7.63 times 

Solution : Answer = 7.63 times

$\text{Inventory Turnover Ratio}= \frac{\text{Cost of goods sold}}{\text{Average Inventor}}$

= 16,80,000/2,20,000

Cost of goods sold =  Sales + G.loss

                               = 16,00,000 + 80,000

                                = 16,80,000

Hence, the correct option is 1.

Correct Answer: Both assertion and reason are true, but the reason is not the correct explanation of the assertion.

Solution : The correct answer is (b) Both assertion and reason are true, but the reason is not the correct explanation of the assertion.

The assertion is true. Sales promotion techniques can indeed aim to create brand loyalty and long-term customer relationships. While they are often used to drive short-term sales, they can also be strategically designed to encourage repeat purchases and foster customer loyalty.

The reason is true, but it does not provide the correct explanation. While sales promotion techniques do often focus on short-term sales boosts and discounts, this does not mean they can't also be used to build brand loyalty and long-term customer relationships. Many sales promotions are structured to reward repeat purchases, engage customers, and establish a positive brand image over time. Therefore, the reason does not correctly explain the assertion.

Correct Answer: Rs 5,66,000

Solution : Answer = Rs 5,66,000

$\frac{3,00,000}{15,00,000}$×3,00,000= 60,000$\times \frac{1}{3}$= 20,000.
Hence, the correct option is 3.

Correct Answer: Rs.90,535

Solution : Answer = Rs 90535

Capital = 65000
(+) Interest on  Capital= 1625
(65000 * 10/100 * 3/12)

(+) Profit =30,000
(6,00,000 * 25% = 1,50,000 * 1/5)

(-) Drawings =  = (6000)
(-) Interest on Drawings = (90)
6000 * 12/100 * 1.5/12
90,535
Hence, the correct option is 1.

Correct Answer: Excise duty, Customs duty, and Income tax

Solution : The correct options are Excise duty, Customs duty, and Income tax.

Excise Duty is an example of an indirect tax imposed on domestic product manufacturing. The Central Excise Act, of 1944, is governed and imposed by the Central Government of India. Since 2017, it has been incorporated into the Goods and Services Tax (GST). Custom duty, also called import duty, is a tax levied on imports of products into a nation. To raise money and shield indigenous industries from international competition, the Centre imposes customs taxes. The 1962 Customs Act is in charge of it. Income tax is a direct tax imposed on the earnings of people, companies, and other entities. The Government of India imposes it.