Indicate Whether Each of the Following Statements Is True or False

question 68

Short Answer

Indicate whether each of the following statements is true or false.
A company's standard costs may need to be reevaluated when there is a change in the training and experience level of the workforce.______
Standard costs are the basis for preparing flexible budgets but not static budgets.______
Standard costing focuses managerial attention on operations that are not functioning normally.______
Standard costing does not fit with the practice of management by exception.______
Standard costs should not serve as benchmarks for evaluating performance.______

---

Definitions:

Sold

The finalization of a deal in which products or services are traded for money.

Sales Commissions

Payments made to sales employees or agents as a percentage of the sales they generate, serving as an incentive for higher sales performance.

Sales Volume

The quantity of units sold within a specific period, often used to measure a company's activity level or performance.

Units

A measurement for quantifying or expressing the amount of a product, service, or resource, used for purchasing, production, or accounting purposes.