Senior Manager Corporate Finance Interview Questions and Answers

Marginal costing focuses on variable costs while standard costing considers both variable and fixed costs.

• Marginal costing only considers variable costs, such as direct materials and direct labor.

• Standard costing includes both variable and fixed costs, such as direct materials, direct labor, and overhead costs.

• Marginal costing is useful for short-term decision making, as it helps determine the contribution margin of each product or service.

• Standard costing is more suitable fo...read more

Accounting standards are guidelines and rules that govern the preparation and presentation of financial statements.

• Accounting standards provide a framework for consistent and transparent financial reporting.

• They ensure that financial statements are prepared in accordance with generally accepted accounting principles (GAAP).

• These standards help in comparing financial statements of different companies and making informed decisions.

• Examples of accounting standards include Intern...read more