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Flex Cost Accounting Executive Interview Questions and Answers
Flex Cost Accounting Executive Interview Experiences
1 interview found
Anonymous
I applied via Company Website and was interviewed in Sep 2023. There were 2 interview rounds.
General Accounts and English
(2 Questions)
- Q1. What is standard costing
- Ans.
Standard costing is a cost accounting method where costs are predetermined and compared to actual costs to analyze variances.
Standard costing involves setting predetermined costs for direct materials, direct labor, and overhead.
Actual costs are then compared to these predetermined costs to identify any variances.
Variances can be analyzed to understand the reasons for deviations from standard costs.
Standard costing help...
- Q2. What is purchase price variance
- Ans.
Purchase price variance is the difference between the actual cost of materials purchased and the standard cost of materials expected to be purchased.
Purchase price variance helps in analyzing the difference between the actual cost of materials purchased and the standard cost set for those materials.
It is calculated by multiplying the difference in price per unit by the actual quantity purchased.
A favorable purchase pri...
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