Setting Standard Costs Is Relatively Simple Because It Is Done

question 166

True/False

Setting standard costs is relatively simple because it is done entirely by accountants.

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Definitions:

Vesting

The process by which an individual earns the right to receive full benefits from a pension plan or stock option over time.

Purpose

The reason for which something is done or created or for which something exists.

Creditor Beneficiary

A third party that benefits from a contract between two other parties, particularly when one party promises to pay a debt owed to the creditor beneficiary by the other party.

Legal Duty

An obligation imposed by law upon an individual or entity to act or refrain from acting in a certain manner.