Which of the Following Statements Is FALSE

question 32

Multiple Choice

Which of the following statements is FALSE?

• A)A standard cost is more accurate than a budgeted cost.
• B)A standard is a unit amount.
• C)In concept, standards and budgets are essentially the same.
• D)The standard cost of a product is equivalent to the budgeted cost per unit of product.

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Definitions:

Annual Financial Statements

Comprehensive reports detailing the financial performance of a company over a one-year period.

Industry Segments

Distinct subdivisions within a market, defined by products, services, or consumer demographics, enabling targeted strategies.

Profit Or Loss Test

A method used to assess the financial performance of a company by determining whether it has made a profit or incurred a loss over a certain period.

Separately Reportable

Criteria under which certain activities or financial results must be disclosed individually due to their significance within financial statements or to regulatory bodies.