Standard costing involves: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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The 'Government Grant' (Ind AS 20) related to income is recognised:
Correct Answer: Option D
Explanation:
Grants are recognised in P&L over the periods necessary to match them with the related costs.
Grants are recognised in P&L over the periods necessary to match them with the related costs.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Financial Instruments' standard is:
Correct Answer: Option A
Explanation:
Ind AS 109 covers classification, measurement, and impairment of financial instruments.
Ind AS 109 covers classification, measurement, and impairment of financial instruments.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A: Flexible budget is prepared for a range of activity levels. R: It helps in performance evaluation at different actual activity levels. Choose the correct option.
Correct Answer: Option A
Explanation:
A flexible budget is designed to change with the level of activity, providing budgeted costs for various levels. This allows management to compare actual performance with the budgeted costs for the *actual* level of activity, aiding in fair performance evaluation. R correctly explains A.
A flexible budget is designed to change with the level of activity, providing budgeted costs for various levels. This allows management to compare actual performance with the budgeted costs for the *actual* level of activity, aiding in fair performance evaluation. R correctly explains A.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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