Standard Costs Are Used for Evaluating Performance and Controlling Costs

question 96

True/False

Standard costs are used for evaluating performance and controlling costs but they are never used for costing products.

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Definitions:

Instrumental Values

Values that are means to achieving an end; they represent the behaviors and methods that are desirable in order to reach goals.

Social Responsibility Strategy

A plan or approach adopted by a business to contribute positively to society and address social issues through its operations, products, or services.

Deny Responsibility

Refusal to accept responsibility for actions or decisions.

Ergonomically Appropriate

Describes tools, equipment, and working conditions that are designed to match the physical and cognitive abilities of workers, minimizing discomfort and the risk of injury.