
Ch. 9 Standard Costs Flashcard

Flashcard
•
Business
•
University
•
Hard
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28 questions
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1.
FLASHCARD QUESTION
Front
What are standard costs based on?
Back
Carefully predetermined amounts
2.
FLASHCARD QUESTION
Front
What is one of the purposes of standard costs?
Back
To serve as benchmarks for measuring performance
3.
FLASHCARD QUESTION
Front
How are standard costs used in planning?
Back
For planning labor, material, and overhead requirements
4.
FLASHCARD QUESTION
Front
What do standard costs represent in terms of performance?
Back
The expected level of performance
5.
FLASHCARD QUESTION
Front
What do ideal standards represent?
Back
Optimum levels of performance under perfect conditions.
6.
FLASHCARD QUESTION
Front
What do normal standards represent?
Back
Efficient levels of performance expected under regular conditions.
7.
FLASHCARD QUESTION
Front
How should properly set normal standards be described?
Back
Rigorous but attainable.
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