Test Questions in Standard Costing

Test Questions: Standard Costing

Here are certain queries that can be placed by students.

1. What do you understand by Standard Costing?
2. What are the limits of Standard Costing?
3. Show the benefits of Standard Costing?
4. What is Budgetary Control?
5. What is the difference between Budgetary Control and Standard Costing?
6. What is the relation between Standard Costing and Budgetary Control?
7. What is Historical Costing?
8. What is meant by Historical Costing?
9. What do you understand by the statement, ‘’ whereas cost standards show those costs that are found under desirable operating conditions, budget costs shows the limits under operating system.’’
10. Does Standard Cost depict another cost system on the whole?
11. What is the level of Cost Standard?

It is based on these queries that further mathematical problems can be solved. A clear understanding of these concepts re required.

Links of Previous Main Topic:-

• Introduction to accounting and branches of accounting
• Preparation of final accounts
• Introduction of fund flow statement
• Introduction cash flow statement
• Ratio analysis significance of ratio analysis
• Fixed assets and depreciation meaning causes objectives methods and basic factor
• Cost accounting concept objectives advantages limitations general principles and cost sheet
• Job costing
• Introduction process costing
• Activity based costing introduction concept and classification
• Introduction inventory pricing and valuation
• Standard costing introduction
• Standard cost vs budgetary control
• Determination of standard costing
• Variance analysis

Links of Next Finance Topics:-

• Duality in linear programming
• Learning objectives
• Learning objectives and chapter outline in assignment model
• Minimization problems
• Learning objectives the transportation problems
• Special case of traveling sales man problem
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