(a) “ Standard costs are the expected total cost of completing a job.” Is this correct? Explain, (b) “A standard imposed by a governmental agency is known as a regulation.” Do you agree? Explain.

Question

Want to see more full solutions like this?

Answer 1

Textbook Question

Chapter 11, Problem 1Q

(a) “Standard costs are the expected total cost of completing a job.” Is this correct? Explain, (b) “A standard imposed by a governmental agency is known as a regulation.” Do you agree? Explain.

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

(a)

Expert Solution

To determine

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

To Explain: (a) Whether standard costs are the expected total costs of completing a job or not.

Answer to Problem 1Q

No, it is incorrect; the standard costs are predetermined unit cost for completing a job. The standard costs are the estimated costs, which companies use to measure their performance, and the companies try to attain it as a standard objective.

Explanation of Solution

Standard costs are the costs which are estimated by a company to measure its own financial performance.
The standard costs are the estimated total costs and these are the standard of the costs which a company tries to achieve in its future accounting period.

Conclusion

No, the standard costs are not the expected total cost of the company.

(b)

Expert Solution

To determine

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

To Explain: (b) whether standard imposed by the government agency is regulation or not.

Answer to Problem 1Q

Yes, the standards imposed by the governmental agencies are known as regulations. The government regulations are the defined acts and rules which have legal grounds. These acts are the labor standards, equal opportunity, and environmental standards.

Explanation of Solution

The government regulations refer to some kind of rules which are prepared so that the said work is done in a defined manner, and is abiding by the law.
The government regulations are also some standards which are set by the government for the said work, and so that are needed to be followed.
It is prepared by the government to manage the works in a proper manner and in a defined way so that no discrepancies are created.

Conclusion

The standards imposed by the governmental agencies are known as the regulations.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

What is the return on equity on these financial accounting question?

At what amount should the company's inventory be reported on the balance sheet on these general accounting question?

What was net capital spending for the year of this financial accounting question?

Answer 2

Textbook Question

Chapter 11, Problem 1Q

(a) “Standard costs are the expected total cost of completing a job.” Is this correct? Explain, (b) “A standard imposed by a governmental agency is known as a regulation.” Do you agree? Explain.

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

(a)

Expert Solution

To determine

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

To Explain: (a) Whether standard costs are the expected total costs of completing a job or not.

Answer to Problem 1Q

No, it is incorrect; the standard costs are predetermined unit cost for completing a job. The standard costs are the estimated costs, which companies use to measure their performance, and the companies try to attain it as a standard objective.

Explanation of Solution

Standard costs are the costs which are estimated by a company to measure its own financial performance.
The standard costs are the estimated total costs and these are the standard of the costs which a company tries to achieve in its future accounting period.

Conclusion

No, the standard costs are not the expected total cost of the company.

(b)

Expert Solution

To determine

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

To Explain: (b) whether standard imposed by the government agency is regulation or not.

Answer to Problem 1Q

Yes, the standards imposed by the governmental agencies are known as regulations. The government regulations are the defined acts and rules which have legal grounds. These acts are the labor standards, equal opportunity, and environmental standards.

Explanation of Solution

The government regulations refer to some kind of rules which are prepared so that the said work is done in a defined manner, and is abiding by the law.
The government regulations are also some standards which are set by the government for the said work, and so that are needed to be followed.
It is prepared by the government to manage the works in a proper manner and in a defined way so that no discrepancies are created.

Conclusion

The standards imposed by the governmental agencies are known as the regulations.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Textbook Question

Chapter 11, Problem 1Q

(a) “Standard costs are the expected total cost of completing a job.” Is this correct? Explain, (b) “A standard imposed by a governmental agency is known as a regulation.” Do you agree? Explain.

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

(a)

Expert Solution

To determine

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

To Explain: (a) Whether standard costs are the expected total costs of completing a job or not.

Answer to Problem 1Q

No, it is incorrect; the standard costs are predetermined unit cost for completing a job. The standard costs are the estimated costs, which companies use to measure their performance, and the companies try to attain it as a standard objective.

Explanation of Solution

Standard costs are the costs which are estimated by a company to measure its own financial performance.
The standard costs are the estimated total costs and these are the standard of the costs which a company tries to achieve in its future accounting period.

Conclusion

No, the standard costs are not the expected total cost of the company.

(b)

Expert Solution

To determine

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

To Explain: (b) whether standard imposed by the government agency is regulation or not.

Answer to Problem 1Q

Yes, the standards imposed by the governmental agencies are known as regulations. The government regulations are the defined acts and rules which have legal grounds. These acts are the labor standards, equal opportunity, and environmental standards.

Explanation of Solution

The government regulations refer to some kind of rules which are prepared so that the said work is done in a defined manner, and is abiding by the law.
The government regulations are also some standards which are set by the government for the said work, and so that are needed to be followed.
It is prepared by the government to manage the works in a proper manner and in a defined way so that no discrepancies are created.

Conclusion

The standards imposed by the governmental agencies are known as the regulations.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter 11, Problem 1Q

(a) “Standard costs are the expected total cost of completing a job.” Is this correct? Explain, (b) “A standard imposed by a governmental agency is known as a regulation.” Do you agree? Explain.

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

(a)

Expert Solution

To determine

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

To Explain: (a) Whether standard costs are the expected total costs of completing a job or not.

Answer to Problem 1Q

No, it is incorrect; the standard costs are predetermined unit cost for completing a job. The standard costs are the estimated costs, which companies use to measure their performance, and the companies try to attain it as a standard objective.

Explanation of Solution

Standard costs are the costs which are estimated by a company to measure its own financial performance.
The standard costs are the estimated total costs and these are the standard of the costs which a company tries to achieve in its future accounting period.

Conclusion

No, the standard costs are not the expected total cost of the company.

(b)

Expert Solution

To determine

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

To Explain: (b) whether standard imposed by the government agency is regulation or not.

Answer to Problem 1Q

Yes, the standards imposed by the governmental agencies are known as regulations. The government regulations are the defined acts and rules which have legal grounds. These acts are the labor standards, equal opportunity, and environmental standards.

Explanation of Solution

The government regulations refer to some kind of rules which are prepared so that the said work is done in a defined manner, and is abiding by the law.
The government regulations are also some standards which are set by the government for the said work, and so that are needed to be followed.
It is prepared by the government to manage the works in a proper manner and in a defined way so that no discrepancies are created.

Conclusion

The standards imposed by the governmental agencies are known as the regulations.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

(a)

Expert Solution

To determine

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

To Explain: (a) Whether standard costs are the expected total costs of completing a job or not.

Answer to Problem 1Q

No, it is incorrect; the standard costs are predetermined unit cost for completing a job. The standard costs are the estimated costs, which companies use to measure their performance, and the companies try to attain it as a standard objective.

Explanation of Solution

Standard costs are the costs which are estimated by a company to measure its own financial performance.
The standard costs are the estimated total costs and these are the standard of the costs which a company tries to achieve in its future accounting period.

Conclusion

No, the standard costs are not the expected total cost of the company.

(b)

Expert Solution

To determine

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

To Explain: (b) whether standard imposed by the government agency is regulation or not.

Answer to Problem 1Q

Yes, the standards imposed by the governmental agencies are known as regulations. The government regulations are the defined acts and rules which have legal grounds. These acts are the labor standards, equal opportunity, and environmental standards.

Explanation of Solution

The government regulations refer to some kind of rules which are prepared so that the said work is done in a defined manner, and is abiding by the law.
The government regulations are also some standards which are set by the government for the said work, and so that are needed to be followed.
It is prepared by the government to manage the works in a proper manner and in a defined way so that no discrepancies are created.

Conclusion

The standards imposed by the governmental agencies are known as the regulations.

Answer 8

(a)

Expert Solution

To determine

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

To Explain: (a) Whether standard costs are the expected total costs of completing a job or not.

Answer to Problem 1Q

No, it is incorrect; the standard costs are predetermined unit cost for completing a job. The standard costs are the estimated costs, which companies use to measure their performance, and the companies try to attain it as a standard objective.

Explanation of Solution

Standard costs are the costs which are estimated by a company to measure its own financial performance.
The standard costs are the estimated total costs and these are the standard of the costs which a company tries to achieve in its future accounting period.

Conclusion

No, the standard costs are not the expected total cost of the company.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

To determine

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

To Explain: (a) Whether standard costs are the expected total costs of completing a job or not.

Answer 13

Answer to Problem 1Q

No, it is incorrect; the standard costs are predetermined unit cost for completing a job. The standard costs are the estimated costs, which companies use to measure their performance, and the companies try to attain it as a standard objective.

Answer 14

Explanation of Solution

Standard costs are the costs which are estimated by a company to measure its own financial performance.
The standard costs are the estimated total costs and these are the standard of the costs which a company tries to achieve in its future accounting period.

Answer 15

Conclusion

No, the standard costs are not the expected total cost of the company.

Answer 16

(b)

Expert Solution

To determine

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

To Explain: (b) whether standard imposed by the government agency is regulation or not.

Answer to Problem 1Q

Yes, the standards imposed by the governmental agencies are known as regulations. The government regulations are the defined acts and rules which have legal grounds. These acts are the labor standards, equal opportunity, and environmental standards.

Explanation of Solution

The government regulations refer to some kind of rules which are prepared so that the said work is done in a defined manner, and is abiding by the law.
The government regulations are also some standards which are set by the government for the said work, and so that are needed to be followed.
It is prepared by the government to manage the works in a proper manner and in a defined way so that no discrepancies are created.

Conclusion

The standards imposed by the governmental agencies are known as the regulations.

Answer 17

(b)

Expert Solution

Answer 18

(b)

Expert Solution

Answer 19

Expert Solution

Answer 20

To determine

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

To Explain: (b) whether standard imposed by the government agency is regulation or not.

Answer 21

Answer to Problem 1Q

Yes, the standards imposed by the governmental agencies are known as regulations. The government regulations are the defined acts and rules which have legal grounds. These acts are the labor standards, equal opportunity, and environmental standards.

Answer 22

Explanation of Solution

The government regulations refer to some kind of rules which are prepared so that the said work is done in a defined manner, and is abiding by the law.
The government regulations are also some standards which are set by the government for the said work, and so that are needed to be followed.
It is prepared by the government to manage the works in a proper manner and in a defined way so that no discrepancies are created.