Daily Answer Writing Practice for Commerce Optional UPSC (Mains)- Day 63

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Topic – Standard Costing

#Q.1) “Setting of standard is the most vital and critical steps in standard costing technique.” Elucidate.Show how the standards are fixed for Direct Material and Direct Labour. –  10 Marks

#Q.2)   How are the standards for labour rate and labour efficiency fixed? Explain Clearly.-15 Marks

#Q.3)  “Physical measures of output and technical measures of production efficiency are often more useful than financial measures,particularly at the lower levels of an organisation.” Explain this statement.   10 Marks

 

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