A Standard Costing System

question 16

Multiple Choice

A standard costing system

• A) is not typically used by management for cost planning and cost control purposes.
• B) is a system in which all costs affecting the three inventory accounts and the Cost of Goods Sold account are stated in terms of actual costs incurred.
• C) depends on actual costs rather than planned costs.
• D) is employed with an existing job order costing or process costing system and is not a full cost accounting system in itself.

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