Under Standard Cost Procedures, Any Differences Between Actual Costs and Standard

question 50

Multiple Choice

Under standard cost procedures, any differences between actual costs and standard costs are:

• A) Ignored until the end of the fiscal period, when they are shown in footnotes to the income statement.
• B) Recorded in variance accounts.
• C) Added to or subtracted from the standard cost amount immediately.
• D) Treated as extraordinary production gains or losses.

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