Finance · Standard Costing
Which of the following is a defining characteristic of a 'Basic Standard' among the various types of standards used in standard costing?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1It includes an allowance for all expected inefficiencies and waste.
- 2It remains unchanged for a long period and is used primarily to show trends in actual costs over time.✓
- 3It is revised frequently, often every month, to reflect current market prices.
- 4It is set based on currently attainable, efficient operating conditions.
Correct answer
It remains unchanged for a long period and is used primarily to show trends in actual costs over time.
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