Question
Which of the following statement is true regarding
standard costing?Solution
Standard cost is set on the basis of management’s estimation. Cost is estimated on the basis of technical specification provided by the engineering department or other expert such as production engineer. Generally, while setting standards, consideration is given to historical data, current production plan and expected conditions of future. Standard costing is different from budgeting. Standard costs are used to set budgets and based on these budgets managerial performance is evaluated. Standard costing is most widely used in manufacturing industry but may be applied in various other industries too.
In an examination of three papers of 200 marks each, a candidate got 120 and 100 marks in the first two papers. The percentage of marks he should get in...
Monthly income of P is Rs.15000 and his monthly savings is Rs.9600. If his monthly income is decreased by 35% and monthly expenditure is decreased by 25...
A girl spent 30% of her monthly income on clothing. Of the remaining, she spent on travel and food in the ratio of 4:3. If the difference of the income ...
Monthly income of P is Rs.18000 and his monthly savings is Rs.12500. If his monthly income is decreased by 30% and monthly expenditure is decreased by 2...
Office A has 1250 employees, of which 44% are boys, and the remaining are girls. Office B has 12% more employees than Office A. I...
If 45% of a number is 90, what is 60% of the same number?
- Riya spends 82% of her income and still manages to save Rs. 5,040. What is the income of her friend whose income is 25% more than Riya's?
A spent 25% of his monthly income on study and 60% of the remaining on rent. If amount spent on rent is Rs. 945, then find the amount spent on study
- The marks scored by Neha are 50% more than those of Priya. The marks obtained by Sia are 160 more than the difference between Neha and Priya. If Sia got 31...
After increase in the price of coffee by 20 %, a person is able to buy 4 kg less for Rs. 1,440. Find the original and increased price of the coffee per ...