Multiple choice

Directions: Choose the correct option for the given question.

Standard cost is a/an

  1. pre-determined cost

  2. historical cost

  3. process cost

  4. current cost

  5. actual cost
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A standard cost is a predetermined estimate of what a product or service should cost under specific conditions. It serves as a benchmark for evaluating actual performance.

Keep practicing — related questions