3) Which of the following best defines standard costing? A) It is the same as actual costing but done in real time.B) It is a system that traces direct cost to output by multiplying actual process or rates by actual quantities of inputs + allocates overhead by on the basis of actual quantities of the allocation base used.C) It is a system that traces direct costs to output produced by multiplying the standard prices or rates by the standard quantities of inputs allowed for the actual output produced.D) It is a system that allocates overhead costs on the basis of standard overhead cost rates times the actual quantities of the allocation based used.Answer:
CDiff: 1Objective: 2AACSB: Analytical thinking4) Which of the following is the mathematical expression for the budgeted fixed overhead cost per unit of cost allocation base?
BDiff: 2Objective: 2AACSB: Analytical thinking5) In flexible budgets the costs that are not "flexed" because they remain the same within a relevant range of activity (such as sales or output) are called ________.
CDiff: 1Objective: 2AACSB: Analytical thinking