Chapter 8 1. Standard costs are based solely on actual costs incurred in...
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Accounting
Chapter 8
1. Standard costs are based solely on actual costs incurred in past.
a. True
b. False
2. Cost centers have well-defined links between the cost of the resources and the resulting products.
a. True
b. False
3. Although expensive to install and maintain, a standard cost accounting system can save a company considerable amounts of money by reducing resource waste.
a. True
b. False
4. Standard costing can be used only with a process costing system.
a. True
b. False
5. Comparing what did happen with what should have happened aids in the performance evaluation of a company.
a. True
b. False
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