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In standard costing, a. the standards are developed only for overhead costs. b. the standards are developed primarily from past costs. c. comparisons with actual costs usually are not performed. d. debit and credit entries to inventory accounts are made at standard costs.

In standard costing, a. the standards are developed only for overhead costs. b. the standards are developed primarily from past costs. c. comparisons with actual costs usually are not performed. d. debit and credit entries to inventory accounts are made at standard costs.

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter2: Basic Managerial Accounting Concepts
Section: Chapter Questions
Problem 1MCQ: Accumulating costs means that a. costs must be summed and entered on the income statement. b. each...
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In standard costing, a. the standards are developed only for overhead costs. b. the standards are developed primarily from past costs. c. comparisons with actual costs usually are not performed. d. debit and credit entries to inventory accounts are made at standard costs.
Transcribed Image Text:In standard costing, a. the standards are developed only for overhead costs. b. the standards are developed primarily from past costs. c. comparisons with actual costs usually are not performed. d. debit and credit entries to inventory accounts are made at standard costs.
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