Which of the Following Statements Is Correct

question 31

Multiple Choice

Which of the following statements is correct?

• A) Standard costs are the costs necessary to produce an average or standard product.
• B) Standard costs can serve as benchmarks against which budgeted performance is measured.
• C) The limitation of actual costs is that they represent what happened not necessarily what should have happened.
• D) Standard costs can only be used for analytical purposes and can never be incorporated into the formal accounting system.

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Definitions:

Operationalize

The process of defining how a concept or variable will be measured and assessed in a specific research context.

Construct

An abstract concept or idea that is chosen for study, usually representing phenomena that are not directly observable.

Variance

A statistical measure that indicates the spread of a dataset or the distribution of data points.

Dependent Variables

Variables in experimental research that are affected by manipulations of the independent variable, observed to understand the effects of the intervention.