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Question 1 of 20
1. Question
At a particular activity level, variable costs are ₹160,000 and fixed costs are ₹80,000. Total cost is:
Correct
Total cost at the stated activity level = variable cost + fixed cost = ₹160,000 + ₹80,000 = ₹240,000.
Incorrect
Total cost at the stated activity level = variable cost + fixed cost = ₹160,000 + ₹80,000 = ₹240,000.
Unattempted
Total cost at the stated activity level = variable cost + fixed cost = ₹160,000 + ₹80,000 = ₹240,000.
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Question 2 of 20
2. Question
Standard quantity for actual output is 220 kg, actual usage is 220 kg and standard price is ₹15/kg. What is material usage variance?
Correct
Material usage variance = standard price × (standard quantity − actual quantity) = ₹15 × (220 − 220) = ₹0. Positive is favourable; negative is adverse.
Incorrect
Material usage variance = standard price × (standard quantity − actual quantity) = ₹15 × (220 − 220) = ₹0. Positive is favourable; negative is adverse.
Unattempted
Material usage variance = standard price × (standard quantity − actual quantity) = ₹15 × (220 − 220) = ₹0. Positive is favourable; negative is adverse.
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Question 3 of 20
3. Question
Zero-based budgeting requires managers to:
Correct
Zero-based budgeting evaluates activities and spending from the ground up, requiring justification of needs and priorities. It can improve resource allocation but may be time-consuming.
Incorrect
Zero-based budgeting evaluates activities and spending from the ground up, requiring justification of needs and priorities. It can improve resource allocation but may be time-consuming.
Unattempted
Zero-based budgeting evaluates activities and spending from the ground up, requiring justification of needs and priorities. It can improve resource allocation but may be time-consuming.
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Question 4 of 20
4. Question
Which statement about TDS is correct?
Correct
TDS is generally a tax credit for the recipient and is reconciled with the final tax liability. Excess tax may lead to a refund; shortfall may require additional payment.
Incorrect
TDS is generally a tax credit for the recipient and is reconciled with the final tax liability. Excess tax may lead to a refund; shortfall may require additional payment.
Unattempted
TDS is generally a tax credit for the recipient and is reconciled with the final tax liability. Excess tax may lead to a refund; shortfall may require additional payment.
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Question 5 of 20
5. Question
Standard quantity for actual output is 400 kg, actual usage is 410 kg and standard price is ₹15/kg. What is material usage variance?
Correct
Material usage variance = standard price × (standard quantity − actual quantity) = ₹15 × (400 − 410) = ₹-150. Positive is favourable; negative is adverse.
Incorrect
Material usage variance = standard price × (standard quantity − actual quantity) = ₹15 × (400 − 410) = ₹-150. Positive is favourable; negative is adverse.
Unattempted
Material usage variance = standard price × (standard quantity − actual quantity) = ₹15 × (400 − 410) = ₹-150. Positive is favourable; negative is adverse.
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Question 6 of 20
6. Question
Equipment cost is ₹340,000, residual value ₹25,000 and useful life 7 years. Under straight-line depreciation, annual depreciable amount is:
Correct
Annual straight-line depreciation = (cost − residual value) ÷ useful life = (₹340,000 − ₹25,000) ÷ 7 = ₹45,000 per year.
Incorrect
Annual straight-line depreciation = (cost − residual value) ÷ useful life = (₹340,000 − ₹25,000) ÷ 7 = ₹45,000 per year.
Unattempted
Annual straight-line depreciation = (cost − residual value) ÷ useful life = (₹340,000 − ₹25,000) ÷ 7 = ₹45,000 per year.
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Question 7 of 20
7. Question
A firm has sales of ₹400,000 and variable costs of ₹220,000. Calculate the P/V ratio.
Correct
Contribution = sales − variable costs = ₹400,000 − ₹220,000 = ₹180,000. P/V ratio = contribution ÷ sales × 100 = 45.0%.
Incorrect
Contribution = sales − variable costs = ₹400,000 − ₹220,000 = ₹180,000. P/V ratio = contribution ÷ sales × 100 = 45.0%.
Unattempted
Contribution = sales − variable costs = ₹400,000 − ₹220,000 = ₹180,000. P/V ratio = contribution ÷ sales × 100 = 45.0%.
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Question 8 of 20
8. Question
A favourable cost variance means:
Correct
A favourable cost variance means cost is below standard or budget for the measured factor. It may still reflect quality problems, under-spending or other undesirable effects, so it needs investigation.
Incorrect
A favourable cost variance means cost is below standard or budget for the measured factor. It may still reflect quality problems, under-spending or other undesirable effects, so it needs investigation.
Unattempted
A favourable cost variance means cost is below standard or budget for the measured factor. It may still reflect quality problems, under-spending or other undesirable effects, so it needs investigation.
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Question 9 of 20
9. Question
Standard hours for actual output are 400 and actual hours are 420 at standard rate ₹100/hour. Labour efficiency variance is:
Correct
Efficiency variance = SR × (SH − AH) = ₹100 × (400 − 420) = −₹2,000, or ₹2,000 adverse because more hours were used than allowed.
Incorrect
Efficiency variance = SR × (SH − AH) = ₹100 × (400 − 420) = −₹2,000, or ₹2,000 adverse because more hours were used than allowed.
Unattempted
Efficiency variance = SR × (SH − AH) = ₹100 × (400 − 420) = −₹2,000, or ₹2,000 adverse because more hours were used than allowed.
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Question 10 of 20
10. Question
Cost Accounting Standards are useful because they:
Correct
Cost Accounting Standards support consistent classification, measurement, allocation and presentation of cost data, improving comparability and auditability.
Incorrect
Cost Accounting Standards support consistent classification, measurement, allocation and presentation of cost data, improving comparability and auditability.
Unattempted
Cost Accounting Standards support consistent classification, measurement, allocation and presentation of cost data, improving comparability and auditability.
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Question 11 of 20
11. Question
A product has fixed costs of ₹90,000 and contribution of ₹30 per unit. What is its break-even output?
Correct
Break-even units = fixed costs ÷ contribution per unit = ₹90,000 ÷ ₹30 = 3,000 units. At this output, contribution equals fixed costs and profit is zero.
Incorrect
Break-even units = fixed costs ÷ contribution per unit = ₹90,000 ÷ ₹30 = 3,000 units. At this output, contribution equals fixed costs and profit is zero.
Unattempted
Break-even units = fixed costs ÷ contribution per unit = ₹90,000 ÷ ₹30 = 3,000 units. At this output, contribution equals fixed costs and profit is zero.
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Question 12 of 20
12. Question
Equipment cost is ₹280,000, residual value ₹25,000 and useful life 7 years. Under straight-line depreciation, annual depreciable amount is:
Correct
Annual straight-line depreciation = (cost − residual value) ÷ useful life = (₹280,000 − ₹25,000) ÷ 7 = ₹36,429 per year.
Incorrect
Annual straight-line depreciation = (cost − residual value) ÷ useful life = (₹280,000 − ₹25,000) ÷ 7 = ₹36,429 per year.
Unattempted
Annual straight-line depreciation = (cost − residual value) ÷ useful life = (₹280,000 − ₹25,000) ÷ 7 = ₹36,429 per year.
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Question 13 of 20
13. Question
Under absorption costing, inventory generally includes:
Correct
Absorption costing includes fixed and variable manufacturing costs in product cost and inventory valuation, subject to applicable accounting rules.
Incorrect
Absorption costing includes fixed and variable manufacturing costs in product cost and inventory valuation, subject to applicable accounting rules.
Unattempted
Absorption costing includes fixed and variable manufacturing costs in product cost and inventory valuation, subject to applicable accounting rules.
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Question 14 of 20
14. Question
Budgetary control involves:
Correct
Budgetary control compares actual performance with planned targets, investigates deviations and supports timely corrective action and accountability.
Incorrect
Budgetary control compares actual performance with planned targets, investigates deviations and supports timely corrective action and accountability.
Unattempted
Budgetary control compares actual performance with planned targets, investigates deviations and supports timely corrective action and accountability.
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Question 15 of 20
15. Question
At a particular activity level, variable costs are ₹170,000 and fixed costs are ₹75,000. Total cost is:
Correct
Total cost at the stated activity level = variable cost + fixed cost = ₹170,000 + ₹75,000 = ₹245,000.
Incorrect
Total cost at the stated activity level = variable cost + fixed cost = ₹170,000 + ₹75,000 = ₹245,000.
Unattempted
Total cost at the stated activity level = variable cost + fixed cost = ₹170,000 + ₹75,000 = ₹245,000.
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Question 16 of 20
16. Question
Section 80RRB in the syllabus is associated with deduction for eligible income from:
Correct
Section 80RRB is associated with royalty income from patents for eligible resident individuals, subject to statutory conditions and limits. Current-law references should be verified for the applicable tax year.
Incorrect
Section 80RRB is associated with royalty income from patents for eligible resident individuals, subject to statutory conditions and limits. Current-law references should be verified for the applicable tax year.
Unattempted
Section 80RRB is associated with royalty income from patents for eligible resident individuals, subject to statutory conditions and limits. Current-law references should be verified for the applicable tax year.
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Question 17 of 20
17. Question
Variance reporting should primarily be used to:
Correct
Variance reports support management by highlighting material deviations, identifying causes and assigning responsibility for corrective action. Materiality and controllability matter.
Incorrect
Variance reports support management by highlighting material deviations, identifying causes and assigning responsibility for corrective action. Materiality and controllability matter.
Unattempted
Variance reports support management by highlighting material deviations, identifying causes and assigning responsibility for corrective action. Materiality and controllability matter.
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Question 18 of 20
18. Question
A material price variance is generally calculated as:
Correct
Material price variance = AQ × (SP − AP) under the standard convention, with a positive result commonly favourable. Some systems use purchase quantity rather than quantity consumed depending on policy.
Incorrect
Material price variance = AQ × (SP − AP) under the standard convention, with a positive result commonly favourable. Some systems use purchase quantity rather than quantity consumed depending on policy.
Unattempted
Material price variance = AQ × (SP − AP) under the standard convention, with a positive result commonly favourable. Some systems use purchase quantity rather than quantity consumed depending on policy.
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Question 19 of 20
19. Question
A product sells 1700 units with contribution of ₹30 per unit and fixed costs of ₹80,000. What is profit/(loss)?
Correct
Total contribution = 1700 × ₹30 = ₹51,000. Profit/(loss) = contribution − fixed costs = ₹51,000 − ₹80,000 = ₹-29,000.
Incorrect
Total contribution = 1700 × ₹30 = ₹51,000. Profit/(loss) = contribution − fixed costs = ₹51,000 − ₹80,000 = ₹-29,000.
Unattempted
Total contribution = 1700 × ₹30 = ₹51,000. Profit/(loss) = contribution − fixed costs = ₹51,000 − ₹80,000 = ₹-29,000.
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Question 20 of 20
20. Question
Tax collected at source (TCS) is generally collected by:
Correct
TCS is collected by the specified seller/collector from the buyer or remitter in transactions covered by the relevant law. Applicability and rates depend on the transaction and current provisions.
Incorrect
TCS is collected by the specified seller/collector from the buyer or remitter in transactions covered by the relevant law. Applicability and rates depend on the transaction and current provisions.
Unattempted
TCS is collected by the specified seller/collector from the buyer or remitter in transactions covered by the relevant law. Applicability and rates depend on the transaction and current provisions.