Standard costs are the preset costs under normal working conditions that are usually determined through personnel, accounting and engineering studies. Standard costs are usually used for direct materials, labor and overhead costs. Management by exception means that managers usually focus on the significant differences between the actual cost and the standard cost . Standard cost card is the record that has information regarding the standard costs of the company. Ideal standard is the quantity of material required if the process is 100% efficient without any loss. To calculate: To match the terms a through d with their correct definition provided in 1 through 4 statements.

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Answer 1

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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 24QS

To determine

Introduction:

Standard costs are the preset costs under normal working conditions that are usually determined through personnel, accounting and engineering studies. Standard costs are usually used for direct materials, labor and overhead costs.

Management by exception means that managers usually focus on the significant differences between the actual cost and the standard cost.

Standard cost card is the record that has information regarding the standard costs of the company.

Ideal standard is the quantity of material required if the process is 100% efficient without any loss.

To calculate:

To match the terms a through d with their correct definition provided in 1 through 4 statements.

Expert Solution & Answer

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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 24QS

To determine

Introduction:

Standard costs are the preset costs under normal working conditions that are usually determined through personnel, accounting and engineering studies. Standard costs are usually used for direct materials, labor and overhead costs.

Management by exception means that managers usually focus on the significant differences between the actual cost and the standard cost.

Standard cost card is the record that has information regarding the standard costs of the company.

Ideal standard is the quantity of material required if the process is 100% efficient without any loss.

To calculate:

To match the terms a through d with their correct definition provided in 1 through 4 statements.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

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 24QS

To determine

Introduction:

Standard costs are the preset costs under normal working conditions that are usually determined through personnel, accounting and engineering studies. Standard costs are usually used for direct materials, labor and overhead costs.

Management by exception means that managers usually focus on the significant differences between the actual cost and the standard cost.

Standard cost card is the record that has information regarding the standard costs of the company.

Ideal standard is the quantity of material required if the process is 100% efficient without any loss.

To calculate:

To match the terms a through d with their correct definition provided in 1 through 4 statements.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

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 24QS

To determine