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Question #1
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The 'Anti-Profiteering Authority' under GST ensures:
Correct Answer: Option D
Explanation:
It ensures that reduction in tax rates or benefit of ITC is passed on as commensurate price reduction.
It ensures that reduction in tax rates or benefit of ITC is passed on as commensurate price reduction.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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In standard costing, if the actual material mix is changed due to a shortage of a specific material, how should the Material Mix Variance be calculated?
Correct Answer: Option D
Explanation:
When there is a shortage of a material and the actual mix is altered, the Material Mix Variance must be calculated using the Revised Standard Mix, not the original standard mix.
When there is a shortage of a material and the actual mix is altered, the Material Mix Variance must be calculated using the Revised Standard Mix, not the original standard mix.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A firm's 'Re-order Level' is calculated as:
Correct Answer: Option B
Explanation:
Re-order level = Maximum consumption * Maximum lead time, ensuring stock doesn't run out.
Re-order level = Maximum consumption * Maximum lead time, ensuring stock doesn't run out.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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