A standard costing system simplifies accounting by carrying inventory at standard cost.

Name: A standard costing system simplifies accounting by carrying inventory at standard cost.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A standard costing system uses predetermined standard costs for direct materials, direct labor, and overhead, which simplifies accounting by carrying inventory at standard cost rather than actual cost. This allows for easier and more accurate cost tracking and analysis.

A Standard Costing System Simplifies Accounting by Carrying Inventory at Standard