Match the following terms with their definitions:
1.Standard price A.A carefully determined cost of a unit of output.
2.Standard cost B.A carefully determined quantity of input.
3.Standard input C.A carefully determined price a company pays per
Unit of input.

Question

Quizplus · Accepted Answer

1-C;2-A;3-B is the correct matching. Standard price refers to the carefully determined price a company pays per unit of input. Standard cost is the carefully determined cost of a unit of output, which can include both direct costs like labor and materials and indirect costs. Standard input is the carefully determined quantity of input, such as the amount of material or labor hours expected to be used in the production of a unit of output.

Match the Following Terms with Their Definitions