Which of the following best describes a standard?
A) a sales price, cost, or quantity that is expected under normal conditions
B) costs incurred to produce a product
C) cost variance
D) actual sales price, cost, or quantity

Question

Quizplus · Accepted Answer

A standard is defined as a benchmark or a norm for measuring performance, which includes a sales price, cost, or quantity that is expected under normal conditions. This allows organizations to plan their budgets and measure performance against these benchmarks.

Which of the Following Best Describes a Standard