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📌 What is Standard Cost?

As per the Institute of Cost and Management Accountants, London:

➤ A predetermined cost based on technical estimates for materials, labour, and overheads

➤ Applicable to a specific time period under defined working conditions

📌 What is Standard Costing?

Defined by the Chartered Institute of Management Accountants, England as:

➤ The preparation and use of standard costs

➤ Comparison with actual costs

➤ Analyzing variances to find causes & responsible departments

✅ Advantages of Standard Costing

➤ Helps in evaluating production performance

➤ Assists in setting cost standards

➤ Aids planning and pricing policies

➤ Acts as a yardstick for measuring variances

➤ Helps in corrective actions to reduce inefficiency

❌ Limitations of Standard Costing

➤ Expensive for small businesses

➤ Difficult to establish technical standards

➤ Not useful for non-standardized products

➤ Responsibility fixing is difficult for uncontrollable variances

➤ Needs frequent revisions and skilled staff

🔁 Standard Costing vs. Budgetary Control

➤ 1. Establish Cost Centres → Define responsibility areas

➤ 2. Classify Accounts → Group expenses & revenues

➤ 3. Set Types of Standards (Based on practicality)

📂 Types of Standards

By LuNotes – your trusted for Lucknow University Semester exam notes, crafted with love. ❤️

👉 Three Branches of the Government:

1. Legislature (Parliament)

2. Executive (President, PM, Council of Ministers)

3. Judiciary (Supreme Court, High Courts)

🏛️ 1. Legislature – Law-Making Body

➤ Main Functions:

• Make, amend, and repeal laws

• Represent public will in governance

➤ Structure:

• Lok Sabha (House of the People) – Elected directly by citizens (Art. 81)

• Rajya Sabha (Council of States) – Elected by state legislatures (Art. 80)

➤ Constitutional Articles:

• Art. 79–123 govern Parliament’s powers and structure

👤 2. Executive – Policy Implementation & Administration

➤ Key Roles:

• Implement laws, maintain law & order, run welfare schemes

➤ Key Posts & Appointment:

• President (Art. 52–54) → Elected by MPs + MLAs

• Prime Minister (Art. 75) → Appointed by President, leads majority in Lok Sabha

• Council of Ministers → Advised by PM, max 15% of house strength (91st Amendment, 2003)

• Vice President (Art. 63) → Rajya Sabha Chairman

➤ Civil Services:

• Recruited by UPSC under Articles 309–311

➤ Duties:

• PM must inform President of all decisions (Art. 78)

⚖️ 3. Judiciary – Guardian of Constitution

➤ Role:

• Interpret laws

• Resolve disputes

• Protect Fundamental Rights

• Check Legislature & Executive powers

➤ Hierarchy:

• Supreme Court → High Courts → District Courts

➤ Appointments:

• By President on recommendation of Collegium System (Second Judges Case, 1993)

➤ Judicial Independence:

• Articles 124–147 provide safeguards (e.g., tenure, impeachment process)

📚 Public Interest Litigation (PIL)

➤ Meaning:

• Legal action for protection of Public Interest (not personal)

➤ Filed for Issues Like:

• Pollution, bonded labour, child neglect, exploitation, women’s rights, heritage, etc.

➤ Who Can File:

• Any citizen or even the court itself (suo motu)

➤ No Legal Definition – Developed via Judicial Activism

➤ Significance:

• Empowers weaker sections

• Makes justice accessible to all

⚖️ Separation of Powers – Why It Matters?

➤ Definition:

• Power is split among Legislature, Executive & Judiciary

• Prevents concentration of power (Montesquieu’s theory)

➤ Importance:

• ✅ Prevents misuse of authority

• ✅ Enables Checks & Balances

• ✅ Improves Efficiency

• ✅ Protects Citizens’ Rights

➤ Key Provisions:

• Art. 50 → Judiciary separate from Executive

• Art. 121, 211 → Judges’ conduct can’t be discussed in legislatures

• Art. 122, 212 → Courts can’t question legislative procedures

• Art. 245–246 + 7th Schedule → Clear Union & State powers

• Art. 361 → Immunity to President & Governors

➤ Landmark Cases:

• Keshavananda Bharati v. State of Kerala (1973) → Basic Structure Doctrine

• S.R. Bommai v. Union of India (1994) → Limited misuse of President’s Rule

• Indira Gandhi v. Raj Narain (1975) → Separation upheld

🔄 Interrelationship Between Three Branches

🔁 Cooperation Areas

➤ Law-making → Executive implements (e.g., GST law)

➤ Judicial suggestions → Legislative reforms (e.g., Vishaka Guidelines → Sexual Harassment Act)

➤ Emergencies → Unified action (e.g., COVID-19 pandemic)

🔀 Overlapping Powers

📘 Legislature’s Overlaps

➤ With Judiciary:

• Impeach judges (Art. 124(4), 217(1))

• Amend laws after judicial review

• Punish for contempt of Parliament

➤ With Executive:

• Ministers = MPs → Dual membership

• No-confidence motion → Can remove Executive

• Debates, committees, Question Hour → Check Executive

• Impeach President (Art. 61)

• Council of Ministers advises President

🧑‍⚖️ Executive’s Overlaps

➤ With Judiciary:

• Appoints judges (Art. 124)

• Grant pardons/remission (Art. 72, 161)

• Sets up Tribunals, Quasi-judicial bodies

➤ With Legislature:

• Promulgate Ordinances (Art. 123)

• Make rules for internal working (Art. 77, 166)

• Delegated legislation – Create detailed rules (e.g., FSSAI rules under Food Safety Act, 2006)

⚖ Judiciary’s Overlaps

➤ With Executive:

• Issue directives (Art. 142)

• Conduct Judicial review of executive actions

➤ With Legislature:

• Strike down unconstitutional laws (Art. 13)

• Basic Structure Doctrine → Prevent harmful amendments

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{
q: “Which of the following is considered the largest economy in the world?”,
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{
q: “What is the capital of India?”,
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q: “Who is known as the father of the Indian Constitution?”,
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{
q: “What year was the Constitution of India adopted?”,
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{
q: “Which city is known as the ‘Silicon Valley of India’?”,
options: [“Mumbai”, “Bengaluru”, “Hyderabad”, “Chennai”],
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{
q: “Which state is known as the ‘Land of Rising Sun’ in India?”,
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