In the Late Nineteenth Century,the Needs of the American Steel

question 57

Multiple Choice

In the late nineteenth century,the needs of the American steel industry directly contributed to the further development of all of the following EXCEPT

• A) the automobile industry.
• B) steam engine technology.
• C) freighters on the Great Lakes.
• D) the Pennsylvania Railroad.
• E) the oil industry.

Comprehend the journal entry process for recording variances in standard costing.

Appreciate the role of standard costing as a control tool and its application in benchmarking.

Understand the process of developing standards for labour and material costs.

Comprehend the principles of practical versus perfection standards and their implications on cost variances.

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