In cost accounting, Idle Time wages are usually charged to: MCQ with Answer and Explanation

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In cost accounting, Idle Time wages are usually charged to:

A. Direct Labor Account

B. Both B and C

C. Profit & Loss Account (if abnormal)

D. Factory Overheads

Answer: Option B

Solution (By JKSSB Mock Tests)

Normal idle time is charged to Factory Overheads, while abnormal idle time (e.g., strikes, power failure) is charged to the Costing P&L Account.

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

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Question #1

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Under the Income Tax Act, the 'TDS' on payment of commission or brokerage exceeding ₹15,000 in a financial year is governed by which section, and what is the rate?

A. Section 194J at 10%

B. Section 194Q at 0.1%

C. Section 194C at 1%

D. Section 194H at 5%

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Correct Answer: Option D

Explanation:
Section 194H mandates TDS at 5% on income by way of commission or brokerage (other than insurance commission) if the amount exceeds ₹15,000 in a financial year.

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