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Ch. 9 Standard Costs Flashcard

Ch. 9 Standard Costs Flashcard

Assessment

Flashcard

Business

University

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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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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