Question
In a manufacturing company, budgeted production is
10,000 units and budgeted fixed overheads are ₹5,00,000. If actual output is 12,000 units, what is the fixed overhead volume variance?Solution
Fixed OH rate = ₹5,00,000 / 10,000 = ₹50 Variance = (12,000 – 10,000) × ₹50 = ₹1,00,000 Favourable
Calculate cost of goods sold from the following figures:
Opening stock = Rs. 3,500
Purchases = Rs. 21,000
Closing stock = Rs. 2,500
Which Schedule of the Companies Act, 2013 deals with the general instructions for preparation and presentation of the final accounts of a company?
Calculate the Quick ratio based on above information?
A company produces a single product with the following cost structure:
• Selling price per unit: ₹500
• Variable cost per unit: ₹3...
The objective of ______ is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Accounting Standard.
____________ = (sales value – variable cost)/ Sales value
Which of the following cost are not excluded from the cost of inventories as per AS 2:
A construction company signs a ₹50 crore contract for building a bridge over 5 years. It recognizes revenue based on the percentage-of-completion meth...
A company has a paid-up share capital of ₹80 lakh and free reserves of ₹120 lakh. It plans to buy back 25% of its paid-up equity shares. The face va...
Which of the following is NOT an example of an intangible asset under AS 26?
