Standard Costs Should Always Be Revised When They Differ from Actual

question 77

True/False

Standard costs should always be revised when they differ from actual costs.

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Definitions:

Price of Good

The amount of money required to purchase a specific product or service in the marketplace.

Substitute Input

A good or service that can be used in place of another good or service in the production process, often affecting supply and market competition.

Labor Resource Market

The marketplace in which individuals offer their labor to employers in exchange for wages.

Output Effect

The change in total output resulting from an adjustment in productive resources or technology.