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:

Bipolar Disorder

A mental health condition characterized by significant mood swings, including manic (or hypomanic) and depressive episodes, affecting one's behavior and functioning.

Schizophrenia

A grave mental illness defined by abnormalities in thought processes, awareness, moods, speech, self-conception, and activities.

Major Depression Disorder

A mental disorder characterized by a persistent and intense feeling of sadness or despair and/or a lack of interest in things that once brought joy, affecting daily functioning.

Generalized Anxiety Disorder

A mental health disorder characterized by persistent and excessive worry about a number of different things, leading to significant distress or impairment in functioning.