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Question 1 of 20
1. Question
Actual labour hours are 190, standard hourly rate is ₹21 and actual hourly rate is ₹21. What is labour rate variance?
Correct
Labour rate variance = actual hours × (standard rate − actual rate) = 190 × (₹21 − ₹21) = ₹0. A higher actual rate creates an adverse variance.
Incorrect
Labour rate variance = actual hours × (standard rate − actual rate) = 190 × (₹21 − ₹21) = ₹0. A higher actual rate creates an adverse variance.
Unattempted
Labour rate variance = actual hours × (standard rate − actual rate) = 190 × (₹21 − ₹21) = ₹0. A higher actual rate creates an adverse variance.
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Question 2 of 20
2. Question
Exports under GST are generally treated as:
Correct
Exports are generally zero-rated under GST, enabling eligible treatment of input credits/refunds subject to the prescribed conditions and procedures. Zero-rated is distinct from exempt supply.
Incorrect
Exports are generally zero-rated under GST, enabling eligible treatment of input credits/refunds subject to the prescribed conditions and procedures. Zero-rated is distinct from exempt supply.
Unattempted
Exports are generally zero-rated under GST, enabling eligible treatment of input credits/refunds subject to the prescribed conditions and procedures. Zero-rated is distinct from exempt supply.
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Question 3 of 20
3. Question
Standard quantity for actual output is 200 kg, actual usage is 190 kg and standard price is ₹15/kg. What is material usage variance?
Correct
Material usage variance = standard price × (standard quantity − actual quantity) = ₹15 × (200 − 190) = ₹150. Positive is favourable; negative is adverse.
Incorrect
Material usage variance = standard price × (standard quantity − actual quantity) = ₹15 × (200 − 190) = ₹150. Positive is favourable; negative is adverse.
Unattempted
Material usage variance = standard price × (standard quantity − actual quantity) = ₹15 × (200 − 190) = ₹150. Positive is favourable; negative is adverse.
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Question 4 of 20
4. Question
Abnormal process loss is generally:
Correct
Abnormal loss exceeds the normal allowance and is usually valued and transferred to an abnormal loss account for separate treatment, subject to the costing system.
Incorrect
Abnormal loss exceeds the normal allowance and is usually valued and transferred to an abnormal loss account for separate treatment, subject to the costing system.
Unattempted
Abnormal loss exceeds the normal allowance and is usually valued and transferred to an abnormal loss account for separate treatment, subject to the costing system.
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Question 5 of 20
5. Question
A product has fixed costs of ₹125,000 and contribution of ₹45 per unit. What is its break-even output?
Correct
Break-even units = fixed costs ÷ contribution per unit = ₹125,000 ÷ ₹45 = 2,778 units. At this output, contribution equals fixed costs and profit is zero.
Incorrect
Break-even units = fixed costs ÷ contribution per unit = ₹125,000 ÷ ₹45 = 2,778 units. At this output, contribution equals fixed costs and profit is zero.
Unattempted
Break-even units = fixed costs ÷ contribution per unit = ₹125,000 ÷ ₹45 = 2,778 units. At this output, contribution equals fixed costs and profit is zero.
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Question 6 of 20
6. Question
A composition taxpayer generally:
Correct
The composition scheme simplifies compliance for eligible taxpayers but includes restrictions, such as generally not collecting tax separately or claiming ITC. Eligibility and turnover limits depend on current rules.
Incorrect
The composition scheme simplifies compliance for eligible taxpayers but includes restrictions, such as generally not collecting tax separately or claiming ITC. Eligibility and turnover limits depend on current rules.
Unattempted
The composition scheme simplifies compliance for eligible taxpayers but includes restrictions, such as generally not collecting tax separately or claiming ITC. Eligibility and turnover limits depend on current rules.
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Question 7 of 20
7. Question
Actual labour hours are 140, standard hourly rate is ₹21 and actual hourly rate is ₹19. What is labour rate variance?
Correct
Labour rate variance = actual hours × (standard rate − actual rate) = 140 × (₹21 − ₹19) = ₹280. A higher actual rate creates an adverse variance.
Incorrect
Labour rate variance = actual hours × (standard rate − actual rate) = 140 × (₹21 − ₹19) = ₹280. A higher actual rate creates an adverse variance.
Unattempted
Labour rate variance = actual hours × (standard rate − actual rate) = 140 × (₹21 − ₹19) = ₹280. A higher actual rate creates an adverse variance.
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Question 8 of 20
8. Question
Standard quantity for actual output is 360 kg, actual usage is 380 kg and standard price is ₹15/kg. What is material usage variance?
Correct
Material usage variance = standard price × (standard quantity − actual quantity) = ₹15 × (360 − 380) = ₹-300. Positive is favourable; negative is adverse.
Incorrect
Material usage variance = standard price × (standard quantity − actual quantity) = ₹15 × (360 − 380) = ₹-300. Positive is favourable; negative is adverse.
Unattempted
Material usage variance = standard price × (standard quantity − actual quantity) = ₹15 × (360 − 380) = ₹-300. Positive is favourable; negative is adverse.
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Question 9 of 20
9. Question
Actual sales are ₹10 lakh and break-even sales ₹7 lakh. Margin of safety is:
Correct
Margin of safety = actual sales − break-even sales = ₹10 lakh − ₹7 lakh = ₹3 lakh.
Incorrect
Margin of safety = actual sales − break-even sales = ₹10 lakh − ₹7 lakh = ₹3 lakh.
Unattempted
Margin of safety = actual sales − break-even sales = ₹10 lakh − ₹7 lakh = ₹3 lakh.
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Question 10 of 20
10. Question
If production exceeds sales and fixed production overhead is absorbed into inventory, absorption-costing profit may be higher than marginal-costing profit because:
Correct
When production exceeds sales, some fixed manufacturing overhead remains in closing inventory under absorption costing. This defers recognition of that cost and can make absorption profit higher than marginal-costing profit.
Incorrect
When production exceeds sales, some fixed manufacturing overhead remains in closing inventory under absorption costing. This defers recognition of that cost and can make absorption profit higher than marginal-costing profit.
Unattempted
When production exceeds sales, some fixed manufacturing overhead remains in closing inventory under absorption costing. This defers recognition of that cost and can make absorption profit higher than marginal-costing profit.
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Question 11 of 20
11. Question
A firm has sales of ₹450,000 and variable costs of ₹247,500. Calculate the P/V ratio.
Correct
Contribution = sales − variable costs = ₹450,000 − ₹247,500 = ₹202,500. P/V ratio = contribution ÷ sales × 100 = 45.0%.
Incorrect
Contribution = sales − variable costs = ₹450,000 − ₹247,500 = ₹202,500. P/V ratio = contribution ÷ sales × 100 = 45.0%.
Unattempted
Contribution = sales − variable costs = ₹450,000 − ₹247,500 = ₹202,500. P/V ratio = contribution ÷ sales × 100 = 45.0%.
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Question 12 of 20
12. Question
A cost centre is:
Correct
A cost centre is a responsibility or cost-accumulation segment, such as a department, machine or person. A cost unit is the unit of output/service for which cost is measured.
Incorrect
A cost centre is a responsibility or cost-accumulation segment, such as a department, machine or person. A cost unit is the unit of output/service for which cost is measured.
Unattempted
A cost centre is a responsibility or cost-accumulation segment, such as a department, machine or person. A cost unit is the unit of output/service for which cost is measured.
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Question 13 of 20
13. Question
Equipment cost is ₹400,000, residual value ₹10,000 and useful life 7 years. Under straight-line depreciation, annual depreciable amount is:
Correct
Annual straight-line depreciation = (cost − residual value) ÷ useful life = (₹400,000 − ₹10,000) ÷ 7 = ₹55,714 per year.
Incorrect
Annual straight-line depreciation = (cost − residual value) ÷ useful life = (₹400,000 − ₹10,000) ÷ 7 = ₹55,714 per year.
Unattempted
Annual straight-line depreciation = (cost − residual value) ÷ useful life = (₹400,000 − ₹10,000) ÷ 7 = ₹55,714 per year.
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Question 14 of 20
14. Question
Labour efficiency variance is commonly calculated as:
Correct
Labour efficiency variance values the difference between standard hours allowed for actual output and actual hours worked at the standard wage rate.
Incorrect
Labour efficiency variance values the difference between standard hours allowed for actual output and actual hours worked at the standard wage rate.
Unattempted
Labour efficiency variance values the difference between standard hours allowed for actual output and actual hours worked at the standard wage rate.
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Question 15 of 20
15. Question
At a particular activity level, variable costs are ₹110,000 and fixed costs are ₹75,000. Total cost is:
Correct
Total cost at the stated activity level = variable cost + fixed cost = ₹110,000 + ₹75,000 = ₹185,000.
Incorrect
Total cost at the stated activity level = variable cost + fixed cost = ₹110,000 + ₹75,000 = ₹185,000.
Unattempted
Total cost at the stated activity level = variable cost + fixed cost = ₹110,000 + ₹75,000 = ₹185,000.
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Question 16 of 20
16. Question
A manufacturer budgets sales of 750 units, desired closing finished goods of 165 units and opening finished goods of 140 units. Required production is:
Correct
Production budget = sales + desired closing stock − opening stock = 750 + 165 − 140 = 775 units.
Incorrect
Production budget = sales + desired closing stock − opening stock = 750 + 165 − 140 = 775 units.
Unattempted
Production budget = sales + desired closing stock − opening stock = 750 + 165 − 140 = 775 units.
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Question 17 of 20
17. Question
Joint products are:
Correct
Joint products emerge from a common process before the split-off point and each has significant sales value. Joint costs are allocated using a suitable method for reporting purposes.
Incorrect
Joint products emerge from a common process before the split-off point and each has significant sales value. Joint costs are allocated using a suitable method for reporting purposes.
Unattempted
Joint products emerge from a common process before the split-off point and each has significant sales value. Joint costs are allocated using a suitable method for reporting purposes.
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Question 18 of 20
18. Question
A manufacturer budgets sales of 500 units, desired closing finished goods of 210 units and opening finished goods of 220 units. Required production is:
Correct
Production budget = sales + desired closing stock − opening stock = 500 + 210 − 220 = 490 units.
Incorrect
Production budget = sales + desired closing stock − opening stock = 500 + 210 − 220 = 490 units.
Unattempted
Production budget = sales + desired closing stock − opening stock = 500 + 210 − 220 = 490 units.
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Question 19 of 20
19. Question
A manufacturer budgets sales of 650 units, desired closing finished goods of 180 units and opening finished goods of 260 units. Required production is:
Correct
Production budget = sales + desired closing stock − opening stock = 650 + 180 − 260 = 570 units.
Incorrect
Production budget = sales + desired closing stock − opening stock = 650 + 180 − 260 = 570 units.
Unattempted
Production budget = sales + desired closing stock − opening stock = 650 + 180 − 260 = 570 units.
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Question 20 of 20
20. Question
A product sells 1400 units with contribution of ₹30 per unit and fixed costs of ₹90,000. What is profit/(loss)?
Correct
Total contribution = 1400 × ₹30 = ₹42,000. Profit/(loss) = contribution − fixed costs = ₹42,000 − ₹90,000 = ₹-48,000.
Incorrect
Total contribution = 1400 × ₹30 = ₹42,000. Profit/(loss) = contribution − fixed costs = ₹42,000 − ₹90,000 = ₹-48,000.
Unattempted
Total contribution = 1400 × ₹30 = ₹42,000. Profit/(loss) = contribution − fixed costs = ₹42,000 − ₹90,000 = ₹-48,000.