Which of the following statements is true?
A) In a standard costing system, standard costs can only be used for cost control.
B) In a standard costing system, standard costs can only be used for product costing.
C) In a standard costing system, standard costs are used for both cost control and product costing.
D) In a normal costing system, standard costs are used for cost control and normal costs are used for product costing.

Question

Quizplus · Accepted Answer

In a standard costing system, standard costs are used for both cost control and product costing. They serve as a benchmark or expected cost for comparison to actual costs, allowing for variances to be analyzed and potentially controlled.

Which of the Following Statements Is True