A Standard Costing System

question 35

Multiple Choice

A standard costing system

• A)is used by management for cost planning,but not for 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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Definitions:

Corporate Downsizing

The process by which a company reduces its workforce, often to cut costs or improve efficiency, affecting employees' job stability.

Voluntarily Retire

Choosing to withdraw from one's occupation or profession before the mandatory or expected age, often for personal, health, or lifestyle reasons.

Senility

An outdated term referring to the decline in mental function associated with aging, often related to conditions such as dementia.

Age Prejudice

Discrimination against individuals or groups based on their age, often manifesting as bias towards the young or elderly.