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.
Statements: G < O = H ≥ L > F < U≤ T ≥ Z
Conclusion:
I. L ≤ O
II. T > L
In which of the following expressions will the expression ‘M ≥ N ' and ‘Q < O’ be definitely true?
Statement: C < X ≤ B > E < L < I
Conclusion: I. X > LÂ Â Â Â Â Â Â Â Â Â II. B > C
Statements: B < C ≤ D < A ≥ Y
Conclusion: I. A > B II. Y < C
...Statements: M > N > P ; P = Q ; N < R
Conclusions:
I. Q < N
II. P < M
III. M > R
Statements: G ≤ H < I = J > K, L < B ≥ V > I ≥ D
Conclusion:
I. G = D
II. K ≤ D
III. B > H
Statements: L ≥ R, U ≤ N, N < M > I
Conclusion:
I. R > I
II. M ≥ U
Statements: P ≥ Q > R, S ≤ R, T = W ≥ R
Conclusions:
I. T ≥ S
II. Q < W
If the expression E < B > D = G ≥ H is definitely true, which of the following would be definitely true?
In the following question the relationship between different elements is given in the statements followed by two conclusions I and II. Read the stateme...
