One of the purposes of standard costs is to

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Reference no: EM132040348

1. One of the purposes of standard costs is to __________.

A. Serve as a basis for product costing for external reporting purposes

B. Replace budgets and budgeting

C. Simplify costing procedures and expedite cost control

D. Eliminate accounting for under-or over-applied factory overhead at the end of the period

2. Two proposed projects require a common input, so no more than one may be chosen. Those projects are:

A. Nonconventional

B. Conventional

C. Mutually exclusive

D. Independent

Reference no: EM132040348

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