Which of the following statements regarding standard cost systems is true?
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04/01/2023
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Standard Costing is an integral part of the costing process within an organisation. It is a process that helps compare the revenues and actual cost of producing a good or service with the actual results to measure the variance and understand its reasons. Show Below is a list of multiple-choice questions and answers on Standard Costing to help students understand the importance of this process in a company’s overall decision making.
Answer: a Answer: a Answer: c Answer: d Answer: a Answer: a Answer: b Answer: d Answer: c Answer: a Answer: b Answer: d Answer: d Answer: b Answer: a Answer: a Answer: b Answer: c Answer: a Answer: b Also See:
Which of the following statements is true of a standard costing system?Option C is correct as standard costing systems are used for both cost control and product costing, including the variances in the direct material purchase and the cost, incurred until it becomes finished goods.
What is the true about standard cost?Standard costs are estimates of the actual costs in a company's production process, because actual costs cannot be known in advance. This helps a business to plan a budget.
Which one of the following statement is true about estimated cost and standard cost?Which one of the following statements is true about estimated costs and standard costs ? Standard costs are based on scientific analysis and engineering studies while estimated costs are based on historical basis.
Which of the following best describes standard cost?A standard cost is described as a predetermined cost, an estimated future cost, an expected cost, a budgeted unit cost, a forecast cost, or as the "should be" cost.
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