Accounting · Standard Costing
In cost accounting, what is meant by a 'basic standard'?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A standard which is based continuously on current price levels
- 2A standard which is kept unchanged over a long period of time✓
- 3A standard which assumes an efficient level of operation, including allowances for normal loss and waste
- 4A standard set at an ideal level, which makes no allowance for normal losses, waste, and machine downtime
Correct answer
A standard which is kept unchanged over a long period of time
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