Which of the following statements about standard cost, Ask an Expert

Accounting

Which of the following statements about standard cost accounting systems is true?

a) Perfection (or ideal) standards should be used in most situations since an ideal standard facilitates the identification of abnormal inefficiencies.

b) Practical standards allow for normal machine downtime and employee rest periods.

c) Inspection time is generally considered to be value-added time.

d) Standard costing systems can be used only in manufacturing entities.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M970317

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