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.

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