Accounting · Cost Accounting
Match the types of standards used in standard costing in LIST-I with their specific characteristics and functional descriptions in LIST-II: LIST-I (Type of Standard) A. Ideal Standards B. Normal Standards C. Basic Standards D. Current Standards LIST-II (Description) I. Predetermined costs maintained without change over long durations to facilitate historical trend analysis. II. Achievable levels established under efficient operating conditions that allow for reasonable wastage and downtime. III. Perfection-based benchmarks assuming optimal operating conditions with zero allowance for inefficiency or wastage. IV. Short-term benchmarks established for a specific period and revised frequently to reflect immediate conditions. Choose the correct answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A-I, B-IV, C-III, D-II
- 2A-III, B-II, C-I, D-IV✓
- 3A-III, B-I, C-II, D-IV
- 4A-II, B-III, C-IV, D-I
Correct answer
A-III, B-II, C-I, D-IV
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