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:

Being-For-Others

A concept in existential philosophy referring to the aspect of one's existence that is shaped by relationships with others.

Finiteness of Rejection

The concept that rejection has a limited impact over time, helping individuals to recover and move forward from setbacks.

Natural Consequence

The outcome that naturally follows an action or behavior without any external intervention.

Non-Being

A philosophical concept referring to the absence or negation of being or existence.