CA Inter Standard Costing — practice questions
25 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice CA Inter Standard Costing in the app →Standard cost is the:Ideal standards represent performance under:Material cost variance equals:A variance is favourable when:Standard costing primarily aims at:Standard quantity 1,000 kg, actual quantity 1,100 kg, standard price ₹10. Material usage variance is:Standard price ₹10, actual price ₹12, actual quantity 1,000. Material price variance is:Labour rate variance = (Standard rate − Actual rate) × ?Labour efficiency variance = (Standard hours for actual output − Actual hours) × ?Material mix variance arises only when:Material yield variance focuses on:Variable overhead efficiency variance equals:Fixed overhead volume variance = (Actual output − Budgeted output) × ?Standard 5 kg at ₹4 per kg per unit. Actual 4,800 units used 25,200 kg at ₹4.20 per kg. Material cost varianceUsing the figures above, the material price variance is:Continuing the same data, the material usage variance is:Standard time 4,000 hours at ₹20 per hour. Actual 4,200 hours at ₹22. Labour cost variance equals:Same data: Labour rate variance is:Same data: Labour efficiency variance is:Budgeted fixed overhead ₹1,20,000 for 20,000 standard hours; actual hours 18,000; actual output deserves 17,00Same data: Fixed overhead volume variance equals:Same data: Fixed overhead efficiency variance equals:Same data: Fixed overhead capacity variance equals:Sales price variance equals:Standard costing aids in inventory valuation because: