A: Standard costing is a system of cost control. R: It involves comparing standard costs with actual costs to find variances. Choose the correct option. MCQ with Answer and Explanation
A: Standard costing is a system of cost control. R: It involves comparing standard costs with actual costs to find variances. Choose the correct option.
A. A is false but R is true
B. Both A and R are true but R is NOT the correct explanation of A
C. A is true but R is false
D. Both A and R are true and R is the correct explanation of A
Answer: Option D
Solution (By JKSSB Mock Tests)
Standard costing controls costs by setting predetermined standards and analyzing deviations (variances) from these standards. R correctly describes the core mechanism of standard costing.
Explanation:
The Indian Partnership Act stipulates that partners are entitled to 6% p.a. interest on any advances or loans given to the firm beyond their capital.
The 'Business Combinations' (Ind AS 103) require acquisition method. It involves:
A.Identifying acquirer, determining acquisition date, recognising and measuring identifiable assets, liabilities, and non-controlling interest, and recognising goodwill or bargain purchase
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