The Costing of Inventories at Standard Cost for External Financial

question 76

Multiple Choice

The costing of inventories at standard cost for external financial statement reporting purposes is

• A)not permitted.
• B)preferable to reporting at actual costs.
• C)in accordance with generally accepted accounting principles if significant differences exist between actual costs and standard costs.
• D)in accordance with generally accepted accounting principles if significant differences do not exist between actual and standard costs.

---

Definitions:

Occupational Choices

The selection of careers or jobs based on personal preference, skill set, and market opportunities.

Community Career Development Centers

Provide resources, guidance, and support for individuals in their professional development and employment search, often offering services like career counseling and job training.

Facility Types

Refers to the various categories of buildings or spaces designed for specific uses, such as educational, healthcare, recreational, or industrial purposes.

Supervision Hierarchies

The organization of supervisors and subordinates in a workplace, defining levels of responsibility and control.