CMA Pop Quiz: How did you do on our #CMAPopQuiz? #CMA
Solution: D
Standard costing traces direct costs to a cost object. As a result, standard costs are most often stated as unit costs. Budgeted costs are generally presented as total costs as one of the objectives of budgeting is to forecast the overall financial condition.
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Christine Purelis
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Original Message:
Sent: 03-09-2018 11:51 AM
From: Favas Kuttiyil
Subject: CMA Pop Quiz- Q&A 221
Option D. Standard cost are stated in per unit and budget are in total form..so the option given is wrong
Original Message------
CMA Pop Quiz: Are you preparing for the #CMA exam? Take our #CMAPopQuiz!
All of the following statement concering standard costs are correct except that
a. time and motion studies are often used to determine standard costs.
b. standard costs are usually set for one year.
c. standard costs can be used in costing inventory accounts.
c. standard costs are usually stated in total, while budgeted costs are usually stated on a per-unit basis.
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Christine Purelis
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