Standard costs: Standard costs are predetermined cost of producing a product & rendering a service. In other words we can say that costs which are determined before production of products & rendering a service, are known as standard costs. These costs are determined on the basis of proper analysis and past records of costs. To match: Given terms need to be matched with the given definitions. Given info: Following information is given in the question; Match the terms a through d with their correct definition 1 through 4. a. Standard cost card 1. Quantity of inputs required if a production process is 100% effiient. b. Management by exception 2. Managing by focusing on large differences from standard costs. c. Standard cost 3. Record that accumulates standard cost information. d. Ideal standard 4. Preset cost for delivering a product or service under normal conditions.

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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 8, Problem 24QS

To determine

Concept introduction:

Standard costs:

Standard costs are predetermined cost of producing a product & rendering a service. In other words we can say that costs which are determined before production of products & rendering a service, are known as standard costs. These costs are determined on the basis of proper analysis and past records of costs.

To match:

Given terms need to be matched with the given definitions.

Given info:

Following information is given in the question;

Match the terms a through d with their correct definition 1 through 4.

a. Standard cost card 1. Quantity of inputs required if a production process is 100% effiient.

b. Management by exception 2. Managing by focusing on large differences from standard costs.

c. Standard cost 3. Record that accumulates standard cost information.

d. Ideal standard 4. Preset cost for delivering a product or service under normal conditions.

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Students have asked these similar questions

What I Know Before we begin this lesson, let us check first your prior knowledge on this module. After taking and checking this short test, take note of the items that you are not able to answer correctly and look for the right answer as you go through this module. Direction: Encircle the letter of the correct answer. 1. What type of cost includes product ingredients and materials? а. fixed b. revenue с. total d. variable 2. What type of cost includes the rental of space? а. fixed b. revenue c. total d. variable 3. What type of cost is the product of the price and the quantity sold? а. fixed b. revenue с. total d. variable 4. What concept is being described when the business will neither earn a profit nor suffer a loss? а. break-even b. loss с. profit d. summit 5. What type of analysis shows equal revenue and total cost? а. break-even b. cost of variable c. profit-loss d. volume of sales

ABC systems Select one a. will limit cost drivers to units of output O b.comply with CAAP c highlight the different levels of activities O d will allocate costs based on volume

Based on the diagram, which represents the EOQ model.Which line segment represents the length of time to consume the total quantity of materials ordered? a. DE b. BC c. AC d. AE e. AD

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 8, Problem 24QS

To determine

Concept introduction:

Standard costs:

Standard costs are predetermined cost of producing a product & rendering a service. In other words we can say that costs which are determined before production of products & rendering a service, are known as standard costs. These costs are determined on the basis of proper analysis and past records of costs.

To match:

Given terms need to be matched with the given definitions.

Given info:

Following information is given in the question;

Match the terms a through d with their correct definition 1 through 4.

a. Standard cost card 1. Quantity of inputs required if a production process is 100% effiient.

b. Management by exception 2. Managing by focusing on large differences from standard costs.

c. Standard cost 3. Record that accumulates standard cost information.

d. Ideal standard 4. Preset cost for delivering a product or service under normal conditions.

Expert Solution & Answer

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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 8, Problem 24QS

To determine

Concept introduction:

Standard costs:

Standard costs are predetermined cost of producing a product & rendering a service. In other words we can say that costs which are determined before production of products & rendering a service, are known as standard costs. These costs are determined on the basis of proper analysis and past records of costs.

To match:

Given terms need to be matched with the given definitions.

Given info:

Following information is given in the question;

Match the terms a through d with their correct definition 1 through 4.

a. Standard cost card 1. Quantity of inputs required if a production process is 100% effiient.

b. Management by exception 2. Managing by focusing on large differences from standard costs.

c. Standard cost 3. Record that accumulates standard cost information.

d. Ideal standard 4. Preset cost for delivering a product or service under normal conditions.

Expert Solution & Answer

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Check out a sample textbook solution

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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 8, Problem 24QS

To determine

Concept introduction:

Standard costs:

Standard costs are predetermined cost of producing a product & rendering a service. In other words we can say that costs which are determined before production of products & rendering a service, are known as standard costs. These costs are determined on the basis of proper analysis and past records of costs.

To match:

Given terms need to be matched with the given definitions.

Given info:

Following information is given in the question;

Match the terms a through d with their correct definition 1 through 4.

a. Standard cost card 1. Quantity of inputs required if a production process is 100% effiient.

b. Management by exception 2. Managing by focusing on large differences from standard costs.

c. Standard cost 3. Record that accumulates standard cost information.

d. Ideal standard 4. Preset cost for delivering a product or service under normal conditions.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 24QS

To determine

Concept introduction:

Standard costs:

Standard costs are predetermined cost of producing a product & rendering a service. In other words we can say that costs which are determined before production of products & rendering a service, are known as standard costs. These costs are determined on the basis of proper analysis and past records of costs.

To match:

Given terms need to be matched with the given definitions.

Given info:

Following information is given in the question;

Match the terms a through d with their correct definition 1 through 4.

a. Standard cost card 1. Quantity of inputs required if a production process is 100% effiient.

b. Management by exception 2. Managing by focusing on large differences from standard costs.

c. Standard cost 3. Record that accumulates standard cost information.

d. Ideal standard 4. Preset cost for delivering a product or service under normal conditions.

Answer 6

Chapter 8, Problem 24QS

To determine

Concept introduction:

Standard costs:

Standard costs are predetermined cost of producing a product & rendering a service. In other words we can say that costs which are determined before production of products & rendering a service, are known as standard costs. These costs are determined on the basis of proper analysis and past records of costs.

To match:

Given terms need to be matched with the given definitions.

Given info:

Following information is given in the question;

Match the terms a through d with their correct definition 1 through 4.

a. Standard cost card 1. Quantity of inputs required if a production process is 100% effiient.

b. Management by exception 2. Managing by focusing on large differences from standard costs.

c. Standard cost 3. Record that accumulates standard cost information.

d. Ideal standard 4. Preset cost for delivering a product or service under normal conditions.

Answer 7

Chapter 8, Problem 24QS

To determine

Concept introduction:

Standard costs:

Standard costs are predetermined cost of producing a product & rendering a service. In other words we can say that costs which are determined before production of products & rendering a service, are known as standard costs. These costs are determined on the basis of proper analysis and past records of costs.

To match:

Given terms need to be matched with the given definitions.

Given info:

Following information is given in the question;

Match the terms a through d with their correct definition 1 through 4.

a. Standard cost card 1. Quantity of inputs required if a production process is 100% effiient.

b. Management by exception 2. Managing by focusing on large differences from standard costs.

c. Standard cost 3. Record that accumulates standard cost information.

d. Ideal standard 4. Preset cost for delivering a product or service under normal conditions.

Answer 8

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Answer 9

Expert Solution & Answer

Answer 10

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Answer 11

Ch. 8 - Prob. 1MCQ Ch. 8 - Prob. 2MCQ Ch. 8 - Prob. 3MCQ Ch. 8 - A Company’s standard for a unit of its single...Ch. 8 - Prob. 5MCQ Ch. 8 - Prob. 1DQ Ch. 8 - Prob. 2DQ Ch. 8 - Prob. 3DQ Ch. 8 - Prob. 4DQ Ch. 8 - Prob. 5DQ

Solution Summary: The author explains how standard costs are determined on the basis of proper analysis and past records of costs.

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Chapter 8 Solutions

Match the terms a through d with their correct definition 1 through 4.
a. Standard cost card	1. Quantity of inputs required if a production process is 100% effiient.
b. Management by exception	2. Managing by focusing on large differences from standard costs.
c. Standard cost	3. Record that accumulates standard cost information.
d. Ideal standard	4. Preset cost for delivering a product or service under normal conditions.