How Many of These Are Considered to Be Benefits of Standard

question 10

Multiple Choice

How many of these are considered to be benefits of standard costing?
? It makes employees more aware of the impact of costs on operations
? It serves as a target against which to evaluate performance
? It is a cheap way of valuing inventory
? It eliminates the need to compute variances

• A)One
• B)Two
• C)Three
• D)Four

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Definitions:

Probability

The measure of the likelihood that an event will occur, expressed between 0 and 1.

Expected Utility Maximizer

An economic agent who selects the option with the highest expected utility, reflecting their preferences and risk tolerance.

Natural Log

The logarithm to the base \(e\), where \(e\) is an irrational and transcendental constant approximately equal to 2.71828.

Probability

A measure of the likelihood of a given event happening, often expressed as a number between 0 and 1.