Standard Costs

question 9

Multiple Choice

Standard costs

• A)are estimates of costs attainable only under the most ideal conditions.
• B)are difficult to use with a process costing system.
• C)can,if properly used,help motivate employees.
• D)require that significant unfavorable variances be investigated,but do not require that significant favorable variances be investigateD.

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Definitions:

Specialized Skills

Expertise or knowledge in a specific field or domain, often requiring extensive training and experience to acquire.

Common Framework

A standardized structure or set of guidelines used to organize and implement processes or systems.

Global Strategy

A comprehensive plan developed by a business to compete and succeed in international markets.

Working Conditions

The environment in which an employee works, including aspects such as safety, ergonomics, hours, and the physical setting.