A Standard Cost System May Be Used In: (CPA Adapted)

question 148

Multiple Choice

A standard cost system may be used in: (CPA adapted)

• A) job-order costing but not process costing.
• B) either job-order costing or process costing.
• C) process costing but not job-order costing.
• D) neither process costing nor job-order costing.

---

Definitions:

IRA Distribution

An IRA distribution is a withdrawal from an Individual Retirement Account, which can be subject to taxes and, in some cases, early withdrawal penalties.

Nondeductible Contributions

Contributions made to certain retirement accounts that do not qualify for a tax deduction at the time of deposit.

Taxable Portion

This is the part of any income or financial gain that is subject to taxation according to current tax laws.

Traditional IRA

An individual retirement account allowing individuals to direct pre-tax income towards investments that can grow tax-deferred until retirement withdrawals.