Master Standard Costs and Costing with this Quiz!

Costs associated with a competent management's efficient use of production resources (correct)

Costs recorded in separate variance accounts

Costs incurred by a business for paying suppliers and production staff

Expected costs substituted for actual costs in accounting records

To record variations between expected and actual costs

To compare what should be accomplished for a normal price and what was actually done at a cost (correct)

To determine the difference between standard costs and real manufacturing costs

To substitute expected costs for actual costs in accounting records

Standard costs of manufacturing operations (correct)

Actual expenses incurred by the business

Variations between expected and actual costs

Expected costs substituted for actual costs

<p>The difference between standard costs and the real manufacturing costs</p> Signup and view all the answers

<p>A deviation from the profit strategy by the business</p> Signup and view all the answers