A standard cost system is an accounting system that uses standards for product costs.

Name: A standard cost system is an accounting system that uses standards for product costs.
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Question

Quizplus · Accepted Answer

A standard cost system involves setting predetermined amounts for material, labor, and overhead costs for a product or service, which are then compared to the actual costs incurred. This allows for better control and analysis of costs, as well as facilitating budgeting and performance measurement.

A Standard Cost System Is an Accounting System That Uses