Which of the following statements is true about standard labour time?
A. Standard labour time indicates the time in hours needed for a specific process
B. It is standardized on the basis of past experience
C. In fixing standard time, due allowance should not be given to fatigue and tool setting
D. The production manager does not provide any input in setting the labour time standards
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
Join The Discussion