Which of the following is one of the reasons why companies use standard costs?

Question

Quizplus · Accepted Answer

Standard costs are used as a benchmark for setting performance targets or goals for a company. By comparing actual costs with the set standard costs, managers can evaluate the performance of the business and take corrective measures if necessary. Standard costs also help in budgeting and planning, which is crucial for achieving business objectives.

Which of the Following Is One of the Reasons Why