Standard costing can be used only with a process costing system.

Name: Standard costing can be used only with a process costing system.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Standard costing can be used with both process and job costing systems. It involves setting predetermined standards for direct material, direct labor, and overhead costs, and then comparing actual costs to these standards to identify variances. This can be done in both process and job costing systems.

Standard Costing Can Be Used Only with a Process Costing