Question Details

Companies promoting continuous improvement strive 




1. Standard costs can serve as a basis for evaluating actual performance.
True False
2. Standard material, labor, and overhead costs can be obtained from standard cost tables published by the
Institute of Management Accountants.
True False
3. Standard costs provide a basis for assessing the reasonableness of actual costs incurred for producing a
product or service.
True False
4. When standard costs are used, factory overhead is assigned to products with a predetermined standard
overhead rate.
True False
5. Companies promoting continuous improvement strive to achieve practical standards rather than ideal
standards.
True False





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