Standard Costs Are Able to Be Used Under AASB 102

question 47

Multiple Choice

Standard costs are able to be used under AASB 102 where:

• A) They have been properly set and maintained.
• B) They are realistically attainable and are reviewed regularly.
• C) They are assessed to be a sound basis for the purpose of inventory valuation.
• D) They are revised in the light of current conditions as necessary.
• E) None of the given answers.

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Definitions:

Biological Differences

Divergences among organisms based on genetic, physiological, or anatomical characteristics, typically within or between species.

Cultural Heritage

The legacy of physical artifacts and intangible attributes of a group or society that are inherited from past generations, maintained in the present and bestowed for the benefit of future generations.

Racial Minority

A demographic group identified by racial or ethnic characteristics, which has fewer members than the predominant group in a society.

Dominant Group

A social group that possesses the greatest power, wealth, and prestige within a society, often setting norms and standards for the society as a whole.