Which one of the following is not correct with reference to standard costing?
A. Standard costing is a system where predetermined costs are used for control of entire organisation
B. Standard may be expressed in quantitative and monetary measures
C. Only adverse variances are investigated intensively
D. Standard is determined for each element of cost
Answer: Option C
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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