Standard Costs Are Useful for All but Which of the Following

question 119

Multiple Choice

Standard costs are useful for all but which of the following?

• A) Determining actual costs
• B) Preparing budgets and forecasts
• C) Evaluating the performance of workers and management
• D) Helping to develop appropriate selling prices

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Definitions:

Forces of Competition

Forces of competition pertain to the external pressures in a marketplace from other firms that affect a company's ability to compete, often described in Porter’s Five Forces model.

Industry

A group of companies that operate in a specific sector of the economy, producing or supplying goods, services, or related technologies.

Strategic Plans

Long-term goals and the actionable steps designed to achieve an organization's objectives.

Business Plans

Documents that outline a company's strategy, financial forecasts, market analysis, and operational objectives.