In Standard Costing

question 81

Multiple Choice

In standard costing,

• A)the standards are developed only for overhead costs.
• B)the standards are developed primarily from past costs.
• C)comparisons with actual costs usually are not performed.
• D)debit and credit entries to inventory accounts are made at standard costs.

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Definitions:

Designated Contract

A specific agreement set apart for a unique purpose or recognized formally in a particular context.

Anticipatory Breach

Repudiation of a contract before performance is due.

Void Ab Initio

A term referring to agreements or contracts that are considered null from the start due to illegality or inability to enforce.

Writer's Block

is a condition experienced by writers, where they are temporarily unable to produce new work or experience a creative slowdown.