Provide general account answer Standard costs are:a. actual costs incurred to produce a specific product or perform aservice.b. preset costs for delivering a product or service under normalconditions.c. established by the IMA.d. rarely achieved.e. uniform among companies within an industry.

Correct Answer: b. preset costs for delivering a product or service under normal conditions…

Answered: Standard costs are: a. actual costs…

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

Chapter7: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 4MTC

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Similar questions

For which cost concept used in applying (he cost-plus, approach to product pricing are fixed manufacturing costs, fixed selling and administrative expenses, and desired profit allowed for in determining the markup? A. Total cost B. Product cost C. Variable cost D. Standard cost
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GENERAL ACCOUNT
Account Que.
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Indirect and common costs often make up a significant portion of the cost of a product. All of the following are reasons for indirect cost allocation to cost objects except to Multiple Choice reduce total costs identified with products. measure income and assets for external reporting purposes. justify costs for reimbursement purposes. provide information for economic decision making.
Practice 2: a: Define standard costs. b: under what conditions should previously established standard costs be revised? c: explain why the determination of standard cost amounts should not be the sole responsibility of a company's cost accountant.
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1 To decide on an appropriate selling price for a special-order product” is an example of which cost allocation. Select one: a.To motivate managers and other employees b. To provide information for economic decisions c. To justify costs or compute reimbursement amounts d. To measure income and assets for reports to external parties
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Standard costs are: a. actual costs incurred to produce a specific product or perform a service. b. preset costs for delivering a product or service under normal conditions. c. established by the IMA. d. rarely achieved. e. uniform among companies within an industry.