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:

Stimulant

A substance that raises levels of physiological or nervous activity in the body, often used to increase alertness, attention, and energy.

Sleep

A naturally recurring state of mind and body, characterized by altered consciousness, relatively inhibited sensory activity, reduced muscle activity, and inhibition of nearly all voluntary muscles during rapid eye movement (REM) sleep phases.

Aging

The process of becoming older, which includes biological, emotional, intellectual, and social changes.

Hypothalamus

A region of the brain that regulates basic biological needs and motivational systems such as hunger, thirst, and body temperature.