When Standard Costs Are Used in a Cost Accounting System

question 97

Multiple Choice

When standard costs are used in a cost accounting system:

• A)A favorable cost variance results when standard amounts are less than actual costs.
• B)Cost variances are shown in the year-end balance sheet as assets,if favorable,or as liabilities,if unfavorable.
• C)Costs charged to the Work in Process Inventory,Finished Goods Inventory,and Cost of Goods Sold accounts are actual costs.
• D)Costs charged to the Work in Process Inventory,Finished Goods Inventory,and Cost of Goods Sold accounts are at standard costs.

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Definitions:

Optimization Model

An optimization model is a mathematical framework designed to find the most efficient solution to a problem from a set of possible solutions.

Deterministic

Pertains to processes or systems where no randomness is involved in the development of future states, implying exact predictability given initial conditions.

Optimal Solution

The best possible outcome from a selection of alternatives, based on a specific set of criteria or constraints.

Constraints

Limitations or restrictions that affect the planning, execution, and outcome of projects or processes.