What is variance in standard costing?
Suppose you are in 12th
class. You dreamed of getting 95% in all 5 subjects.(It is called setting
up standards).
What is basic concept of Overheads?
Suppose a student study 7 subjects in CA IPC. He purchase books for each
subject and takes classes for each subject.
What is Halsey Scheme ?
Suppose you decide in the morning to attempt 20
questions of costing in 5 hours.
What is Bill of Material (BOM) and Material requisition note (MRN) ?
Suppose you went to a
restaurant for giving party to friends on passing CA- Exam.You asked all your
friends about the items they want to eat.
What is Margin of Safety?
Suppose a class 12th student need 33 marks
to pass a paper.
If student get exactly 33 marks then he will be pass.
These 33 marks are called Break-Even-Point Marks.
What is relation between Lead Time and Safety Stock
Suppose you are pizza addict. You love to eat 1 pizza
daily. If you ordered pizza on 4 PM and you got delivery at 5
PM then difference 1 hour is called Lead Time.
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