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

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

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

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

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

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

Answer: Option D

Solution (By JKSSB Mock Tests)

Material usage variance = SP (SQ - AQ).

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

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In the context of the Indian Financial System, the 'National Housing Bank' (NHB) was established as a wholly owned subsidiary of which institution?

A. Securities and Exchange Board of India

B. Ministry of Finance

C. Reserve Bank of India

D. State Bank of India

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Correct Answer: Option C

Explanation:
The National Housing Bank (NHB) was set up in 1988 as a wholly owned subsidiary of the Reserve Bank of India (RBI) to regulate and promote housing finance institutions. (Note: It was later transferred to the central government in 2019, but historically it was an RBI subsidiary).

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