[Solved] Which of the following is true of standards?

McqMate

Q.	Which of the following is true of standards?
A.	Standards represent a benchmark or a norm
B.	Standards relate to input quantity
C.	Standards relate to input cost
D.	All of the above
Answer» D. All of the above

4.6k

0

Do you find this helpful?

24

View all MCQs in

Cost Management

Discussion

No comments yet

Related MCQs

Standards that can be attained only under the best circumstances are referred to as:
To produce a particular batch of product, Falcon Corporation paid its workers 12.00 per hour for 4,000 hours of work. The standards for the quantity of work represented by the batch were 12.50 per hour and 4,400 hours. What was the labour efficiency variance?
Which of the following statements is true?
Where process scrap is recycled for use in conjunction with new material as well as being so externally, which of the following is most likely to be the value at which is debited to the process?
Which of the following equations can be used to calculate a material price variance?
Which of the following equations can be used to calculate a material quantity variance?
Which of the following is not an advantage of standard costing?
Which of the following is NOT a criticism of a standard-costing system?
An abnormal gain in a process occurs in which of the following situations?
Which of the following is the best explanation of the relevance of equivalent production units in process costing?