Under a Standard Costing System

question 37

Multiple Choice

Under a standard costing system:

• A) Standard costs are entered into the work in process and finished goods inventory account.
• B) Actual costs are entered into work in process inventory account while standard costs are entered into the finished goods account.
• C) The raw material inventory account is based on standard quantities and standard cost.
• D) Actual costs are entered into raw material and work in process inventory account.

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Definitions:

False Statements

Assertions or claims that are not true, which in certain contexts, such as under oath in court or in financial reporting, can be illegal or fraudulent.

Undue Influence

A legal term referring to a situation where an individual is able to persuade another's decisions due to the relationship between the two parties.

Beneficiary

(1) A person who can expect to benefit from a relationship. (2) A person who receives, or will receive, the proceeds from an insurance policy or a will.

Witness

A person who sees an event, typically a crime or accident, and can give a first-hand account of it, or someone who is present at the signing of a document and signs it themselves to confirm this.