S1: In standard costing, the 'Labour Efficiency Variance' is calculated as (Standard Hours for Actual Production - Actual Hours Worked) x Standard Rate. S2: If the actual hours worked are less than the standard hours, the variance is favorable. Which statement(s) is/are correct?
Explanation:
Both statements are correct. The formula for Labour Efficiency Variance is (SH - AH) x SR. If AH < SH, the result is positive, indicating a favorable variance (less time taken than standard).
A: The Public Account of India includes Provident Funds. R: The government can withdraw money from the Public Account without parliamentary approval. Choose the correct option.
A.A is true but R is false
B.Both A and R are true and R is the correct explanation of A
C.Both A and R are true but R is NOT the correct explanation of A
Explanation:
The Public Account holds money like Provident Funds where the government acts as a banker. Since these funds belong to others, the government can make payments from this account without parliamentary approval. R correctly explains the nature of the account.
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