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

Question

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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

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In financial management, the 'Degree of Operating Leverage' (DOL) at a given level of sales is calculated as:

A. Contribution / Net Profit

B. Contribution / EBIT

C. EBIT / Net Profit

D. Sales / Contribution

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Correct Answer: Option B

Explanation:
The Degree of Operating Leverage (DOL) measures the sensitivity of EBIT to changes in sales. It is calculated as Contribution divided by EBIT (Earnings Before Interest and Taxes).

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

Question #2

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Under the Companies Act 2013, which of the following companies are mandatorily required to constitute a CSR Committee?

A. All listed companies

B. Companies with more than 500 employees

C. Only government companies

D. Companies meeting any of the specified net worth, turnover, or net profit criteria during the immediately preceding financial year

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Correct Answer: Option D

Explanation:
Section 135 mandates a CSR Committee for companies that meet specific thresholds of net worth (₹500 Cr+), turnover (₹1000 Cr+), or net profit (₹5 Cr+) in the preceding financial year.

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