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:

Whooping Cough

An infectious bacterial disease that causes uncontrollable, violent coughing which can make it hard to breathe; also known as pertussis.

Pertussis

A highly contagious respiratory infection also known as whooping cough, caused by the bacterium Bordetella pertussis.

Viral Conjunctivitis

An eye infection caused by a virus resulting in redness, itching, and watering of the eyes.

Incubation Period

The time interval between the entry of an infectious agent into the body and the appearance of the first symptoms of the disease.