Which of the following statements is false?
A) Standard costs are used for product costing.
B) Standard costs provide a benchmark against which actual costs can be compared.
C) Standard costs are actual costs.
D) Standard costs are used for control.

Question

Quizplus · Accepted Answer

Standard costs are not actual costs, but rather predetermined costs that are used for budgeting, product costing, and control purposes. Actual costs are the real costs incurred during production.

Which of the Following Statements Is False