Asked by Hoala Chock on May 25, 2024
Verified
In most businesses, cost standards are established principally by accountants.
Cost Standards
Predetermined costs that serve as a benchmark for evaluating the actual performance and budgeting of a company.
- Understand the foundation of establishing standard costs in the production of goods.
Verified Answer
KP
Keval PatelMay 31, 2024
Final Answer :
False
Explanation :
Cost standards are typically established by a combination of accountants, engineers, and management personnel to ensure they accurately reflect the actual costs of materials, labor, and overhead involved in production.
Learning Objectives
- Understand the foundation of establishing standard costs in the production of goods.