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MCQs: In budgetary control_____ is used whereas in standard costing _________ is used.
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MCQs: Which of the following statements are not true?
A) In standard costing standards relies on technical assessment whereas budgetary targets are based on past actual adjusted to future trend.
B) The scope of standard costing is much wider than budgetary control.
C) Budgetary control demands functional coordination whereas it is not the case with standard costing.
D) Standard costing prescribes a monetary limit which cannot be crossed.
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MCQs: The process of standard costing
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MCQs: The process of budgeting helps in the control of
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MCQs: Budgets are based on plan estimates and therefore budgeting is an effective substitute for management.
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MCQs: Budgetary control does not depend on changing business situations like inflation and economic recession.
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MCQs: The payment of salary, wages, overheads, cash purchase and payment to creditors are form of
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MCQs: The payment of income tax, dividend, interest, and donation are examples of
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MCQs: In order to prepare a flexible budget, items of anticipated expenditures are classified into _______ classes.
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MCQs: Variable cost is also known as
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MCQs: The sub-variance of material usage variance, known as Material mix variance is measured as
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MCQs: While calculating material mix variance, if revised standard quantity is greater than actual quantity, the variance is
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MCQs: If the total actual input of units and total standard input of units is equal, there is no need to calculate revised standard quantity.
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MCQs: Cost audit is a verification of cost records to estimate the ________ efficiency of a business.
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MCQs: The area of focus on responsibility center is
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MCQs: _____________ may deal with actual figures against budgeted ones.
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MCQs: Management accounting assists the management
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MCQs: The 3 Ps, i.e. the three objectives of analysis and interpretation of financial statements are : Progress, Position and Prospects.
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MCQs: Which of the following statements are false?
A) When all the figures in a balance sheet are stated as percentage of the total, it is termed as horizontal analysis.
B) When financial statements of several years are analyzed, it is termed as vertical analysis.
C) Vertical Analysis is also termed as dynamic analysis.
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MCQs: Efficient frontier comprises of
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