| List-I (Variances) | List-II (Formulae) |
| a. MCV | 1. SP (RSQ - AQ) |
| b. MPV | 2. SP (SQ - AQ) |
| c. MUV | 3. AQ consumed (SP - AP) |
| d. MMV | 4. SC - AC |
A. a-4, b-3, c-2, d-1
B. a-2, b-1, c-4, d-3
C. a-4, b-1, c-2, d-3
D. a-3, b-4, c-2, d-1
Answer: Option A
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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