Explain whether standard costs are the expected total costs of completing a job or not.

Question

Want to see more full solutions like this?

Answer 1

Question

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.

Chapter 23, Problem 1Q

(a)

To determine

Explain whether standard costs are the expected total costs of completing a job or not.

(a)

Expert Solution

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: 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.

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)

To determine

Explain whether standard imposed by the government agency is regulation or not.

(b)

Expert Solution

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

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.

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

Q1. S-Sports Ltd specialises in selling premium sports equipment. Over the month, it recorded the following transactions. -Incurred $10,000 on credit for a one-time promotional event organised for its customers and local sports team. This amount will be paid in the coming month. -Made sales of $50,000 to customers, of which $5,000 is credit sales and will be collected in the following month. The goods sold were purchased from a local supplier at $20,000. -Purchased $15,000 of goods from a supplier on credit, with payment due in 30 days. -Paid rents of $12,000 for three months, with this month being the first month. -Repaired a window broken by a typhoon in summer. The repair cost is $3,000 in cash. -Paid supplier $25,000 for goods purchased last month. -Collected $8,000 in advance and promised to deliver goods the following month. -Incurred $1,800 depreciation expense and $9,000 other operating expenses. The operating expenses will be paid early next month. Q.For each item…

I am having trouble getting the balance sheet to balance. Additional information: Loan and Company Information • The new facility would be a 10-year lease beginning on 01/01/202X and ending on 12/31/203X. The annual payments are $500,000 with a discount rate of 5% and no annual rate increase. The CFO has verified that this would be treated as a lease under ASC 842 guidance.o Present value of annuity due of $1: n=10, i = 5% is 8.10782 • An additional cash investment of $5 million is needed to support the purchase of inventory, cups, and packaging. The bank has pre-approved Rebel Dog Coffee for the loan for a term of 24 months at an interest rate of 5%, to be repaid in a balloon payment in the final month of the loan.o The following are the required debt covenants that Rebel Dog must carry: general, fire, theft, and destruction insurance on the inventory.o Rebel Dog must also maintain a positive credit rating during the loan. • Rebel Dog’s LLC founding members have…

Cullumber Company Income Statements For the Years Ended December 31 2025 2024 Net $2,400,400 $2,240,000 Cost of good 1127000 1,307,000 Gross profit 1,072,400 522,200 Selling and administrative 650,000 622,700 Income from operations 422,400 309,500 Other and lac Intereat ex 20,500 25,000 Income before income tax 254,300 203,500 Income 118,440 35,050 Net Income $274.200 $198,480 Ast Cullumber Company Balance Sheets December 33 2025 2024 Current act Cash $78.130 $23,450 Debt Investments (short) 96,200 65,000 Accounts recchable (net) 153,140 133,640 Inventory 163,000 150,150 Total current acts 471,370 422,250 Plantasacts (nct) $43,700 676,390 Total $1,324,970 $1,100,640 Lablities and Stockholders' Equity Current Tablitics Accountab $200,000 $189,020 Income tax payable 56.550 54,500 Total current tic 254,330 243,620 Bonds payable 286,000 250,000 Total Tablice 550,510 502,420 Stockholders' equity Comment($ 377,000 270,000 Retained carnings 407 420 215,020 Total stockholders' equity 784,420…

Answer 2

Question

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.

Chapter 23, Problem 1Q

(a)

To determine

Explain whether standard costs are the expected total costs of completing a job or not.

(a)

Expert Solution

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: 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.

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)

To determine

Explain whether standard imposed by the government agency is regulation or not.

(b)

Expert Solution

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

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.

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

Question

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.

Chapter 23, Problem 1Q

(a)

To determine

Explain whether standard costs are the expected total costs of completing a job or not.

(a)

Expert Solution

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: 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.

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)

To determine

Explain whether standard imposed by the government agency is regulation or not.

(b)

Expert Solution

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

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.

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

Question

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.

Chapter 23, Problem 1Q

(a)

To determine

Explain whether standard costs are the expected total costs of completing a job or not.

(a)

Expert Solution

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: 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.

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)

To determine

Explain whether standard imposed by the government agency is regulation or not.

(b)

Expert Solution

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

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.

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

Chapter 23, Problem 1Q

(a)

To determine

Explain whether standard costs are the expected total costs of completing a job or not.

(a)

Expert Solution

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: 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.

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)

To determine

Explain whether standard imposed by the government agency is regulation or not.

(b)

Expert Solution

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

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.

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 6

Chapter 23, Problem 1Q

(a)

To determine

Explain whether standard costs are the expected total costs of completing a job or not.

(a)

Expert Solution

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: 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.

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 7

Chapter 23, Problem 1Q

(a)

To determine

Explain whether standard costs are the expected total costs of completing a job or not.

Answer 8

(a)

Expert Solution

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 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Explanation of Solution

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.

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 13

Conclusion

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

Answer 14

(b)

To determine

Explain whether standard imposed by the government agency is regulation or not.

(b)

Expert Solution

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

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.

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 15

(b)

To determine

Explain whether standard imposed by the government agency is regulation or not.

Answer 16

(b)

Expert Solution

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 17

(b)

Expert Solution

Answer 18

(b)

Expert Solution

Answer 19

Expert Solution

Answer 20

Explanation of Solution

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.

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.