The Difference in Standard Price and Standard Cost of Direct

question 81

Multiple Choice

The difference in standard price and standard cost of direct material is that

• A)standard price is the amount to produce one unit of product; standard cost is the amount paid to obtain one unit of material from a vendor.
• B)standard price is the amount paid to obtain one unit of material from a vendor; standard cost is the amount to produce one unit of product.
• C)standard price is the amount added to work in process as material is put into production; standard cost is the amount to produce one unit of product.
• D)standard price is the amount to produce one unit of product; standard cost is the amount added to work in process as material is put into production.

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Definitions:

Equal Value

The concept of different jobs being equivalent in terms of the effort, responsibility, and skills required, warranting similar pay.

Gender Pay Gap

The average difference in pay between men and women, typically expressed as a percentage of men's earnings.

Disabilities

Physical or mental impairments that significantly limit one or more major life activities, affecting an individual's ability to perform certain tasks or engage in activities compared to someone without such impairments.

Employment Standards Acts

Legislation that outlines minimum requirements for working conditions, pay, overtime, and other employment terms to protect workers' rights.