Test Questions: Standard Costing
Here are certain queries that can be placed by students.
- What do you understand by Standard Costing?
- What are the limits of Standard Costing?
- Show the benefits of Standard Costing?
- What is Budgetary Control?
- What is the difference between Budgetary Control and Standard Costing?
- What is the relation between Standard Costing and Budgetary Control?
- What is Historical Costing?
- What is meant by Historical Costing?
- What do you understand by the statement, ‘’ whereas cost standards show those costs that are found under desirable operating conditions, budget costs shows the limits under operating system.’’
- Does Standard Cost depict another cost system on the whole?
- What is the level of Cost Standard?
It is based on these queries that further mathematical problems can be solved. A clear understanding of these concepts re required.