Posted: May 4th, 2016
Once standard costs for products or services have been developed:
a) they must be updated monthly to be useful
b) they can be used for more than planning and control purpose
c) they need not be revised unless the product or service is modified
d) performance reports must be issued if the standards are to be usefulWhich of the following items would be included in the operating expense budget?
a) Sales commissions
b) Raw material purchases
c) Cash receipts
d) Cost of goods The concept of a standard used for planning and control purpose is most like a
a) measure of ideal performance
b) unit budget
c) measure of maximum efficiency
d) measure of historical performance old
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