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Test bank Accounting 25th Editon Warren Chapter 23-Performance Evaluation Using Variances From Standard Cost

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James Moore
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1. A variable cost system is an accounting system where standards are set for each manufacturing cost element. True False
2. One reason not to depend solely on historical records to set standards is that there may be inefficiencies contained in past costs. True False
3. Standard costs serve as a device for measuring efficiency. True False
4. The standard cost is how much a product should cost to manufacture. True False
5. Standard costs can be used with both the process cost and job order cost systems. True False
6. Cost systems using detailed estimates of each element of manufacturing cost entering into the finished product are called standard cost systems. True False

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