According to the latest report by IMARC Group “Hydrogen Generation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global hydrogen generation market size reached US$ 153.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 222.4 Billion by 2028, exhibiting a CAGR of 6.9% during 2023-2028.
Hydrogen (H2) is a colorless, odorless, and tasteless gas that is highly flammable and insoluble in water. It is an abundant chemical element available in nature in various forms. It is generated through various methods, such as steam reforming of natural gas, electrolysis of water, partial oil oxidation, and coal gasification. As a result, it finds extensive applications in ammonia and methanol production, petroleum refinery, transportation, and power generation across the globe.
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Market Trends:
At present, the increasing demand for green hydrogen as a clean and renewable source of energy represents one of the primary factors supporting the growth of the market. Apart from this, the rising awareness among the masses about eco-friendly and zero-emission vehicles is contributing to the growth of the market. In addition, the growing demand for H2 in fuel cell electric vehicles (FCEVs) as an alternative to other harmful fuels is offering lucrative growth opportunities to industry investors. Additionally, governing agencies of various countries are implementing stringent regulations to reduce carbon footprints and encourage the adoption of H2, which is bolstering the growth of the market. Furthermore, the rising adoption of H2 to fulfill the increasing demand for electricity across the globe is strengthening the growth of the market.
Breakup by Technology:
- Coal Gasification
- Steam Methane Reforming
- Others
Breakup by Application:
- Methanol Production
- Ammonia Production
- Petroleum Refinery
- Transportation
- Power Generation
- Others
Breakup by Systems Type:
- Merchant
- Captive
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Air Liquide International S.A.
- Air Products Inc
- CLAIND srl
- INOX Air Products Ltd.
- Linde plc
- Mahler AGS GmbH
- McPhy Energy S.A.
- Messer Group GmbH
- NEL Hydrogen
- Taiyo Nippon Sanso Corporation
- Weldstar Inc.
- Xebec Adsorption Inc.
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Absorption Costing MCQs with Answers Explanation Engineering ECE
What Is Absorption Costing?
Absorption costing, also known as the all-encompassing, all-inclusive, or comprehensive costing method, is a sophisticated and perplexing managerial accounting framework that attempts to incorporate all expenses that are linked to the production of a particular product. This method is highly intricate and involves a copious amount of calculations and analyses to arrive at the total cost of production.
Every minuscule expense, whether direct or indirect, such as raw materials, labor, rent, utilities, depreciation, maintenance, insurance, and every other associated cost, is taken into account to determine the total cost of the product. The complexity of this method is staggering, and it requires extensive knowledge of accounting principles, an understanding of manufacturing processes, and advanced analytical skills to execute.
However, despite its complexity, absorption costing is still widely used in the industry due to its comprehensive approach to providing an accurate picture of the cost of production. Moreover, under the generally accepted accounting principles (GAAP) in the United States, absorption costing is an approved method for external reporting. In contrast, variable costing is prohibited, adding to the confusion and perplexity surrounding this topic.
Which of the following costs would NOT be included in the cost of goods sold calculation under absorption costing?
a) Direct materials
b) Direct labor
c) Variable manufacturing overhead
d) Fixed manufacturing overhead
Answer: c) Variable manufacturing overhead
Explanation: Under absorption costing, both fixed and variable manufacturing overhead costs are included in the cost of goods sold calculation. Direct materials and direct labor costs are also included.
When production exceeds sales, absorption costing will result in:
a) Higher net income than variable costing
b) Lower net income than variable costing
c) The same net income as variable costing
d) None of the above
Answer: a) Higher net income than variable costing
Explanation: When production exceeds sales, there will be more fixed manufacturing overhead costs that are absorbed into the cost of goods sold calculation under absorption costing. This results in a higher net income compared to variable costing, which only includes variable manufacturing costs in the cost of goods sold calculation.
Which of the following statements is true about absorption costing?
a) It is used for external reporting purposes
b) It is used for internal decision-making purposes
c) It is the same as variable costing
d) None of the above
Answer: a) It is used for external reporting purposes
Explanation: Absorption costing is required for external financial reporting purposes, such as on the income statement and in financial statements. Variable costing, on the other hand, is often used for internal decision-making purposes.
In a period of increasing production and sales, absorption costing will result in:
a) Higher net income than variable costing
b) Lower net income than variable costing
c) The same net income as variable costing
d) None of the above
Answer: c) The same net income as variable costing
Explanation: When production and sales increase, absorption costing and variable costing will result in the same net income. This is because there will be fewer fixed manufacturing overhead costs per unit under absorption costing, but there will also be more units sold.
