TII India Accounts & Finance Executive Interview Questions and Answers

Marginal costing is a costing technique where only variable costs are considered for decision making.

• Marginal costing helps in determining the contribution margin of a product or service.

• Fixed costs are not considered in marginal costing as they are not affected by changes in production or sales.

• It is useful in making short-term decisions such as pricing, make or buy decisions, and product mix decisions.

• Example: A comp...read more

MHR can be calculated by subtracting your age from 220.

• MHR stands for Maximum Heart Rate.

• It is the highest number of times your heart can beat in a minute.

• To calculate MHR, subtract your age from 220.

• For example, if you are 30 years old, your MHR would be 190 (220-30).

A cost sheet is a document that shows the cost of producing a product or providing a service.

• It includes direct and indirect costs such as labor, materials, overhead, and depreciation.

• It helps in determining the selling price of a product or service.

• Example: A cost sheet for a bakery would include the cost of ingredients, labor, rent, utilities, and packaging.

• It is used by businesses to analyze their costs and make inf...read more