Standard costs are used in which of the following phases of the management process?

Question

Quizplus · Accepted Answer

Standard costs are used both in the planning and control phases of the management process. In the planning phase, standard costs are determined and used as a basis for setting budgets and making decisions about pricing and production levels. In the control phase, actual costs are compared to standard costs to monitor and evaluate performance and to identify areas where improvements can be made. Therefore, the correct answer is both a and b.

Standard Costs Are Used in Which of the Following Phases