Which of the following statements is FALSE? a. A standard is a unit amount. b. The standard cost of a product is equivalent to the budgeted cost per unit of product. c. A standard cost is more accurate than a budgeted cost. d. In concept, standards, and budgets are essentially the same.

Which of the following statements is FALSE? a. A standard is a unit amount. b. The standard cost of a product is equivalent to the budgeted cost per unit of product. c. A standard cost is more accurate than a budgeted cost. d. In concept, standards, and budgets are essentially the same.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 18Q: Why is it important to distinguish between variable costs and fixed costs for budgeting purposes?

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Which of the following statements is FALSE?
a. A standard is a unit amount.
b. The standard cost of a product is equivalent to the budgeted cost per
unit of product.
c. A standard cost is more accurate than a budgeted cost.
d. In concept, standards, and budgets are essentially the same.

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