Standard Cost Systems Depend on Which Two Types of Standards

question 87

Multiple Choice

Standard cost systems depend on which two types of standards?

• A)Quantity and price standards
• B)Quantity and efficiency standards
• C)Rate and price standards
• D)Rate and spending standards

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Definitions:

Local Responsiveness

The ability of a company or organization to tailor its products, services, and operations to meet the specific needs of local markets.

Cost Advantage

The benefit or saving realized from lower production or operational expenses compared to competitors.

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale, leading to increased interconnectedness of the world's economies, cultures, and populations.

Operations Strategy

A long-term, strategic plan for optimizing operations, resources, and supply chain management to achieve the business goals and objectives.