If Standard Costs Are Incorporated into the Accounting System

question 92

Multiple Choice

If standard costs are incorporated into the accounting system,

• A)it may simplify the costing of inventories and reduce clerical costs.
• B)it can eliminate the need for the budgeting process.
• C)the accounting system will produce information which is less relevant than the historical cost accounting system.
• D)approval of the stockholders is required.

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Definitions:

Emotional Event

An occurrence or situation that triggers a strong emotional response, such as joy, sadness, fear, or anger.

Vivid

Producing powerful feelings or strong, clear images in the mind; marked by intense color, brightness, or clarity.

Long-term Potentiation

A long-lasting increase in signal transmission between two neurons that results from their simultaneous activation.

Biological Mechanism

The processes and systems within living organisms that lead to observable phenomena.