Accounting · Cost Accounting
Consider the following statements regarding the classification of standards in a standard costing system: Statement 1: Ideal standards are regarded as the most practical type of standard for cost control because they are set at levels expected to be achieved under normal, efficient operating conditions. Statement 2: Normal standards are established based on perfect operating conditions with zero allowance for wastage or idle time, which frequently leads to the demoralization of the workforce.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Statement 1 is false, but Statement 2 is true.
- 2Statement 1 is true, but Statement 2 is false.
- 3Both statements are false.✓
- 4Both statements are true.
Correct answer
Both statements are false.
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