In cost accounting, 'Idle Time' means: MCQ with Answer and Explanation

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In cost accounting, 'Idle Time' means:

A. Overtime worked

B. Time spent on maintenance

C. Standard time

D. Time for which workers are paid but no production occurs

Answer: Option D

Solution (By JKSSB Mock Tests)

Idle time is unproductive time for which wages are paid.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

The primary objective of Financial Management is:

A. Minimizing taxes

B. Profit maximization

C. Maximizing market share

D. Wealth maximization of shareholders

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Correct Answer: Option D

Explanation:
Wealth maximization is considered the superior objective as it accounts for long-term value creation, risk, and the time value of money.

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Question #2

The 'Budgetary Control' system involves: 1. Establishment of budgets, 2. Continuous comparison of actuals with budgets, 3. Taking corrective action, 4. Performance evaluation. Which of these are essential elements?

A. 2 and 4 only

B. 1 and 2 only

C. 1, 2 and 3 only

D. 1, 2, 3 and 4

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Correct Answer: Option D

Explanation:
All four are integral parts of budgetary control.

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Question #3

Under 'Ind AS 21', foreign currency monetary items are translated at:

A. Average rate

B. Opening rate

C. Historical rate

D. Closing rate

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Correct Answer: Option D

Explanation:
Monetary items are translated at the closing rate at the reporting date.

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