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  📝  Marginal Costing 🧐 Marginal Costing Theoretical Questions and Answers Question: Define Marginal Cost. Answer:   Marginal cost is the additional cost incurred by producing one more unit of a product. It typically includes Variable Costs only. Question: What is the fundamental formula for calculating the Contribution? Answer: Contribution = Sales Revenue - Variable Cost. Question: State the formula for the Profit/Volume Ratio (P/V Ratio). Answer:    P/V Ratio = {Contribution} / {Sales})   *100   {Change in Profit} / (Change in Sales} *100 Question: Define the Break-Even Point (BEP) in units. Answer: The Break-Even Point in units is the level of output where Total Revenue equals Total Cost, resulting in zero profit or loss. Question: State the formula for calculating the Break-Even Point (BEP) in value (sales). Answer: BEP (Value) = Fixed Cost / P/V Ratio. Question: What is Contributi...

 MCQs on Indian Contract Act, 1872 Section A: General Principles of Contract Which section of the Indian Contract Act, 1872 defines 'Proposal' as: "When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence"? (a) Section 2(a) (b) Section 2(b) (c) Section 2(c) (d) Section 2(d) An agreement which is not enforceable by law is declared void under which of the following sections? (a) Section 2(e) (b) Section 2(f) (c) Section 2(g) (d) Section 2(h) A contract which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others , is a: (a) Void Agreement (b) Voidable Contract (c) Void Contract (d) Illegal Agreement Which of the following is an example of a person disqualified from contracting by law? (a) A Minor (b) A Person of unsound mind (c) An Alien Enemy (d) All of the above An agreement entered into...