According to the latest report by IMARC Group, titled, “India Furniture Market Size: Industry Trends, Share, Growth, Opportunity and Forecast 2022-2027, The India furniture market is expected to exhibit a CAGR of 12.00% during 2022-2027.
A furniture is an immovable object comprising chairs, tables, beds, cupboards, desks, sofas, dressers, and cabinets that are made of wood, metal, marble, plastics, fabrics, glass, and other materials. It assists in adding aesthetic value to homes and contributes to a healthier lifestyle mentally and physically. Moreover, it helps keep the space organized and increases its functionality. It is also used in educational institutions to create a dynamic learning environment for students and mentors. It also supports surgeons in performing critical surgery on patients and aids in making them feel comfortable during their stay in the hospital. Apart from this, it helps in supporting the ambiance of a workplace, provides a safe and relaxing atmosphere, improves the productivity of workers and ensures efficient operation. At present, it is widely employed across residential and commercial places in India for sleeping, decoration, and storage purposes.
India Furniture Market Trends:
At present, the burgeoning construction industry, coupled with the rising development of smart city projects, represents one of the primary factors positively influencing the furniture market share in India. In addition, improving standards of living and inflating income levels are catalyzing the demand for premium furniture, which is creating a positive market outlook in the country. This, along with the increasing number of nuclear families, is resulting in the rising need for foldable and compact furniture as it can be easily arranged in smaller spaces. Besides this, the rising number of e-commerce websites selling furniture at affordable rates is offering lucrative growth opportunities to manufacturers. Moreover, the easy availability of furniture across online and offline distribution channels, coupled with secured payment gateways and free doorstep delivery, is strengthening the growth of the market in the country. Increasing investments in marketing strategies, such as celebrity endorsements and social media promotions, are propelling the growth of the market.
Furthermore, key market players are focusing on introducing automated manufacturing systems for reducing the cost of furniture. Additionally, the integration of advanced technologies, such as the internet of things (IoT), 3D printing, and artificial intelligence (AI), for furniture manufacturing is offering a favorable market outlook. In addition, the introduction of new species of wood for manufacturing furniture is fueling the market growth. Furthermore, increasing investments in infrastructural development by the Government of India is resulting in the launch of more product variants with enhanced aesthetics, comfort, functionality, and storage capacities, which is strengthening the market growth in India.
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India Furniture Market 2022-2027 Analysis and Segmentation:
The report has segmented the market on the basis on material, distribution channel and end use.
Breakup by Material:
- Metal
- Wood
- Plastic
- Glass
- Others
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Stores
- Others
Breakup by End Use:
- Residential
- Commercial
Breakup by Region:
- North India
- West and Central India
- South India
- East India
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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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.
