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:

Promote

To support or actively encourage the progress, growth, or acceptance of something.

Demote

In organizational terms, to reduce someone's rank or position; in software or digital content creation, it refers to decreasing the importance or level of an item in a hierarchical structure.

Database Objects

Components such as tables, queries, forms, and reports used in databases to store, retrieve, and present data.

Text Data

Data that is represented in the form of words, sentences, or paragraphs, as opposed to numerical or binary data.