| List-I | List-II |
| a. Labour cost variance | 1. Actual hours paid (Standard rate - Actual rate) |
| b. Labour rate variance | 2. Standard cost - Actual cost |
| c. Efficiency variance | 3. Idle hours × Standard rate per hour |
| d. Idle time variance | 4. Standard rate (Standard hours - Actual hours worked) |
A. a-4, b-3, c-2, d-1
B. a-2, b-3, c-4, d-1
C. a-4, b-1, c-2, d-3
D. a-2, b-1, c-4, d-3
Answer: Option D
This Question Belongs to Management >> Management Accounting
A. resourcing
B. value acquiring
C. production
D. value acquaintance
Examining of past performance, exploring alternative and planning future is
A. learning
B. alternating
C. examining
D. deciding
Time that a company takes to create and produce a new product is classified as
A. management factor
B. time factor
C. customer factor
D. chain factor
Purpose of management accounting is to
A. past orientation
B. help banks make decisions
C. help managers make decisions
D. help investors make decision
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