Answer the following questions regarding costing systems.
a. What is the difference between a normal costing system and a standard costing system?

b. What adjustments are required at the end of each period for each?

c. What is an advantage of standard costing?

d. Are inventory and costs of goods sold accounts reported on financial statements at actual cost or standard cost?

Question

Answer the following questions regarding costing systems.
a.	What is the difference between a normal costing system and a standard costing system?

b.	What adjustments are required at the end of each period for each?

c.	What is an advantage of standard costing?

d.	Are inventory and costs of goods sold accounts reported on financial statements at actual cost or standard cost?

Quizplus · Accepted Answer

The Answer of Answer the following questions regarding costing systems.
a.	What is the difference between a normal costing system and a standard costing system?

b.	What adjustments are required at the end of each period for each?

c.	What is an advantage of standard costing?

d.	Are inventory and costs of goods sold accounts reported on financial statements at actual cost or standard cost?

Answer the Following Questions Regarding Costing Systems