Which of the following statements is FALSE?
A)A standard cost is more accurate than a budgeted cost.
B)A standard is a unit amount.
C)In concept, standards and budgets are essentially the same.
D)The standard cost of a product is equivalent to the budgeted cost per unit of product.

Question

Quizplus · Accepted Answer

This statement is false because a standard cost is based on ideal conditions and may not reflect actual costs, while a budgeted cost takes into consideration the expected actual costs for a period. Therefore, a budgeted cost is considered to be more accurate than a standard cost.

Which of the Following Statements Is FALSE