B.Com (General) Semester 6 (TYBcom) - University of Mumbai Question Bank Solutions

Multiple Choice Question :
___________ Cost is a pre-determined cost which is computed in advance of production.

Multiple Choice Question :
________ is the difference between Standard Price and Actual Price Paid.

Multiple Choice Question :
_________ arises due to the difference between Standard Usage and Actual Usage

Multiple Choice Question :
_____________is a part of Labour Efficiency Variance (LEV)

State whether the following statement is True or False:
Historical cost emphasises 'what the cost should be'.

State whether the following statement is True or False:
Standard costing is the same as estimated costing.

State whether the following statement is True or False:
Standard cqsting is the method of cost ascertainment.

State whether the following statement is True or False:
Material Yield Variance is a part of material price variance.

State whether the following statement is True or False:
Standard costing is one technique of cost control.

State whether the following statement is True or False:
Current standards are established for use over a long period of time.

Fill in the blank:
Standard costing is a logical development of________.

Fill in the blank:
Predetermined costs are established in advance of ________

Fill in the blank:
Labour mix variance and idle time variance are the sub-variance of ________

Fill in the blank:
Material mix variance is a sub-variance of _______ variance.

Fill in the blank:
The deviation of actual from standard is called ________

Fill in the blank:
When actual cost is more than standard cost, the variance is ________.

Fill in the blank:
When actual cost incurred deviates from the standard cost set, the difference is termed as________.

Fill in the blank:
When actual cost exceeds the standard cost, the difference is termed as _______ variance.

Match the Pairs :

Multiple Choice Questions :
Contract costing is a type of ......... costing in which a contract constitutes a unit of cost.