Three types of standards are . . . . . . . .
A. Current standard, basic standard and normal standard
B. Currency standard, basel standard and actual standard
C. Actual standard, estimated standard and expected standard
D. Expected standard, ideal standard and current standard
Answer: Option A
Related Questions on Costing
Basic objective of cost accounting is ________
A. tax compliance.
B. financial audit.
C. cost ascertainment.
D. profit analysis.
Process costing is suitable for ________.
A. hospitals
B. oil refing firms
C. transport firms
D. brick laying firms
The cost which is to be incurred even when a business unit is closed is a _____.
A. imputed cost
B. historical cost
C. sunk cost
D. shutdown cost
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