Statement 1: The standard cost of a product or service is typically based on historical data and does not need updating. Statement 2: Standard costs should be updated periodically to reflect changes in market conditions, inflation, and supply-demand factors. Which of the following options is correct?

Question

General Studies · Cost Accounting

Verified Solution4 OptionsUpdated: October 2026👁️1 View

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Correct answer

Statement 1 is incorrect, but Statement 2 is correct.

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Answer 1

Both Statement 1 and Statement 2 are incorrect.

Answer 2

Statement 1 is incorrect, but Statement 2 is correct.

Answer 3

Statement 1 is correct, but Statement 2 is incorrect.

Answer 4

Both Statement 1 and Statement 2 are correct.

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