Correct Answer:
A. Rs. 1,000 adverse
MPV = (AP - SP) x AQ = (12 - 10) x 500 = Rs. 1,000 adverse.
November 13, 2026 · Accounting and Finance MCQs, Cost & Management Accounting MCQs
Actual price is Rs. 12, standard price is Rs. 10 and 500 units were purchased. The material price variance is:
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Actual hours are 90, standard hours allowed are 100 and the standard rate is Rs. 20. The labor efficiency variance is:
A.
Rs. 200 favorable
B.
Rs. 200 adverse
C.
Rs. 1,800 favorable
D.
Rs. 2,000 adverse
Correct answer is:
A. Rs. 200 favorable
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Have already been paid
B.
Are the same under all alternatives
C.
Include all allocated overheads
D.
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Correct answer is:
D. Are future costs and differ between alternatives
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Under Article 80 of the Constitution of Pakistan, the Federal Government is required to:
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Print currency notes
B.
Cause to be laid before the National Assembly a statement of estimated receipts and expenditure for each financial year (annual budget statement)
C.
Appoint provincial governors
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Hold national elections
Correct answer is:
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Under variable (direct) costing, fixed manufacturing overhead is treated as:
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A product cost
B.
A period cost
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A direct material cost
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Correct answer is:
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The Public Account of the Federation is used for:
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B.
Moneys received by the Government other than the Consolidated Fund, such as deposits and trust funds
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Correct answer is:
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The fixed assets register of a government entity records:
A.
Only cash balances
B.
Only tax receipts
C.
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D.
Details of its non-current assets such as land, buildings and vehicles
Correct answer is:
D. Details of its non-current assets such as land, buildings and vehicles
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