Match the following.
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
Related Questions on Costing
Basic objective of cost accounting is ________
A. tax compliance.
B. financial audit.
C. cost ascertainment.
D. profit analysis.
Process costing is suitable for ________.
A. hospitals
B. oil refing firms
C. transport firms
D. brick laying firms
The cost which is to be incurred even when a business unit is closed is a _____.
A. imputed cost
B. historical cost
C. sunk cost
D. shutdown cost
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