3A Choose the correct answer.A. Standard Costing Involve thea) Fixation of estimated costb) Determination of standard costc) Setting of budgeting costB. The difference between actual Cost and standard cost is known as:a) Varianceb) Profitc) Differential CostC. Standard Costing helps in :a)Measuring efficiency b)Reducing lossc)Controlling costD. Standard costing cannot be used:a) Where item are more than oneb) Where management is inefficientc) Worker are slowd) Where nonstandard products are manufacturedE. Basic Standard is established for a:a) Short periodb) Current Periodc) Indefinite Period

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3* Choose the correct answer. A. Standard Costing Involve the a) Fixation of estimated cost b) Determination of standard cost c) Setting of budgeting cost

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

3A Choose the correct answer.
A. Standard Costing Involve the
a) Fixation of estimated cost
b) Determination of standard cost
c) Setting of budgeting cost
B. The difference between actual Cost and standard cost is known as:
a) Variance
b) Profit
c) Differential Cost
C. Standard Costing helps in :
a)Measuring efficiency b)Reducing loss
c)Controlling cost
D. Standard costing cannot be used:
a) Where item are more than one
b) Where management is inefficient
c) Worker are slow
d) Where nonstandard products are manufactured
E. Basic Standard is established for a:
a) Short period
b) Current Period
c) Indefinite Period

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