The Process of Comparing Actual Information About Input Costs and Usage

question 89

Multiple Choice

The process of comparing actual information about input costs and usage to standards is:

• A) standard costing
• B) process costing
• C) variance analysis
• D) Activity-based costing

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Definitions:

Trade Restrictions

Measures imposed by governments to regulate or limit international trade.

Tariff

A tax levied on goods imported into a country.

Imported Steel

Steel that is produced in one country and brought into another for use in manufacturing or construction.

Domestic Industry

Industries within a country’s borders that produce goods or services for the local economy.