All of the Following Are Features of a Standard Cost

question 62

Multiple Choice

All of the following are features of a standard cost system except:

• A)Standards change as conditions change.
• B)Variances may be determined more often than monthly to allow for more timely action.
• C)Standards are based on estimates.
• D)The company determines the actual cost of manufacturing a unit.

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Definitions:

Individuals

Refers to distinct objects or entities being studied or observed in research or statistical analysis, often representing people, animals, or units in an experiment or survey.

Null Hypothesis

The presumption in statistical testing that there is no significant effect or difference, serving as the default position until evidence suggests otherwise.

Dependent Means

A statistical term often used in the context of comparing two sets of related or matched data to determine if there's a significant difference between them.

Degrees of Freedom

The number of independent values or quantities that can be assigned to a statistical distribution without violating any constraints.