In 'Standard Costing', the formula for 'Material Usage Variance' is: MCQ with Answer and Explanation

Question

Share Report Error

In 'Standard Costing', the formula for 'Material Usage Variance' is:

A. Actual Price × (Standard Quantity - Actual Quantity)

B. Standard Quantity × (Standard Price - Actual Price)

C. Standard Price × (Standard Quantity - Actual Quantity)

D. Actual Quantity × (Standard Price - Actual Price)

Answer: Option C

Solution (By JKSSB Mock Tests)

Material usage variance = SP (SQ - AQ).

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

The 'Special Economic Zone' (SEZ) units are considered:

A. Like DTA

B. Partially inside

C. Outside the customs territory of India

D. Within the customs territory of India

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
SEZ is treated as foreign territory for customs purposes.

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

Question #2

The 'Baggage Rules' under Customs provide for:

A. Duty-free allowances for passengers arriving in India

B. Duty on all luggage

C. Duty on cargo

D. No allowance

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Baggage Rules specify the quantity and value of goods that can be brought duty-free.

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

Question #3

The 'Form 26QB' is related to:

A. Advance tax

B. TDS on rent

C. TDS on purchase of immovable property (Section 194-IA)

D. TDS on salary

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Form 26QB is the challan-cum-statement for TDS on property purchase.

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

Explore All Accountancy and Book Keeping MCQs