Which Statement Relating to Standard Costs Is Not True

question 42

Multiple Choice

Which statement relating to standard costs is not true?

• A) The approach is not suitable for a service business.
• B) An unfavourable variance occurs when actual costs exceed standard costs.
• C) They are predetermined costs.
• D) They serve as benchmarks against which actual performance can be evaluated.

Analyze the impact of IT on the transportation and travel industry.

Understand the roles involved in using and interfacing with hardware and software.

Define and differentiate between data, information, and knowledge.

Comprehend the concept of software as instructions for processing information.

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Definitions:

Sensemaking

The process of making sense of or assigning meaning to complex phenomena based on one's experiences, beliefs, and knowledge.

Administrators

Individuals responsible for overseeing and managing the operations of organizations or systems, often within institutional, educational, or corporate contexts.

Ethnobiography

A combination of ethnography and biography, focusing on the detailed narrative study of a single person's life within their cultural and social context.