Standard costs should always be revised when they differ from actual costs.

Name: Standard costs should always be revised when they differ from actual costs.
Brand: Quizplus
Rating: 4.9 (38 reviews)

Question

Quizplus · Accepted Answer

Standard costs are predetermined or estimated costs, and they are not revised every time they differ from actual costs. They are typically reviewed periodically and revised if there are significant and lasting changes in the operating environment, not for normal or temporary variances.

Standard Costs Should Always Be Revised When They Differ from Actual