Question

Standard costing is related with

• A. The control of the expenses
• B. Operation of the business as the whole
• C. Financial accounts
• D. All of these

Answer 1

The correct option is A The control of the expenses

In accounting, a standard costing system is a tool for planning budgets, managing and controlling costs, and evaluating cost management performance. A standard costing system involves estimating the required costs of a production process.