A 'Standard Cost' is: MCQ with Answer and Explanation

Explanation:
Prime cost is the sum of all direct costs: direct material, direct labour, and direct expenses.

Explanation:
Starting with overdraft as per passbook, a deposit in transit increases the overdraft in passbook (makes it less negative). To reconcile to cash book overdraft, we deduct it because the cash book already recorded it and shows a lower overdraft. So deduct.

Explanation:
An Income & Expenditure Account is a nominal account. A credit balance means incomes exceed expenses, resulting in a Surplus.