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Standard Costing

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA PM Exams › Standard Costing

  • This topic has 0 replies, 1 voice, and was last updated 1 year ago by 7fsa.
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  • February 26, 2021 at 7:50 am #611751
    7fsa
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    • Topics: 57
    • Replies: 40
    • ☆☆

    Dear John,

    How are you?
    I hope you are doing well,
    The following question is mentioned in Kaplan Exam Kit #171

    Which of the following best defines standard costing in a system of budgeting?
    A- all activities are examined without reference to history each year.
    B- output level and costs are predetermined, actual results then compared with these predetermined costs and variance analysed.
    C- actual costs are compared with predetermined costs for the level of activity.
    D- costs are assigned to a manager in order that controllable and non-controllable costs are accounted for.
    The answer according to Kaplan kit is C but in my opinion why not B in other words i feel that the answer should be B and C since its mentioned the definition of Standard costing in your note is a system of accounting based on predetermined costs and revenue per unit which are used as a benchmark to assess actual performance and therefore provide useful feedback information to management.

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