Standard Costing

_____ cost is decided scientifically.

• Actual

• Standard

• Flexed

• Marginal

_____ cost is used for controlling cost.

• Contract Cost

• Process Cost

• Marginal Cost

• Standard Cost

_____ is a difference between standard cost and actual cost.

• Cost Variance

• Favourable

• Adverse

• Neutral

Standard material cost depends on specification, consumption and _____.

• quality

• quantity

• price

• nature

A manager can be blamed for _____ adverse variance.

• controllable

• non controllable

• improvement in quality

• reduction in cost

_____ cost represents what the cost should be.

• Standard

• Process

• Contract

• Marginal

__________ variance is favourable when actual price is less than standard price.

• Material Cost

• Material Usage

• Material Price

• Material

Change in basic wage rate gives rise to ______________.

• Labour Cost Variance

• Labour Efficiency Variance

• Labour Productivity Variance

• Labour Rate Variance

Excess of actual cost over standard cost is a

• Favourable variance

• Unfavourable variance

• Abnormal Gain

• Normal Gain

Labour efficiency variance is favourable when actual labour hours are less than _____________.

• standard labour hours

• standard labour rate

• actual labour rate

• labour cost