Sawaal
1
Q:

A favorable cost variance occurs when

A) actual incurred cost is less than the standard cost B) actual incurred cost is greater than the standard cost
C) actual incurred cost is equal to the standard cost D) None of the above

Answer:   A) actual incurred cost is less than the standard cost



Explanation:

Cost variance is nothing but the difference between the actual incurred cost and the estimated standard cost. This can be occured due to any changes in the volume of goods or services ordered. 

A favorable cost variance occurs when the actual incurred cost is less than the standard cost estimated before the production.

Subject: Indian Economy
Exam Prep: AIEEE , Bank Exams , CAT
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