tandard costs have which of the following characteristics? (Check all that apply.)Multiple select question.they are developed by the SCAB (Standard Cost Accounting Board)production managers help determine production requirements for a unit of productthey are used to help management understand reasons for variancesthey are preset costs for delivering a product or service under normal conditionsthey are useful for manufacturing companies, but not service companies

Standard costs have the following characteristics:

1. Production managers help determine production requirements for a unit of product: This is true. Standard costs are often determined with the help of those who are intimately familiar with the production process, such as production managers.

2. They are used to help management understand reasons for variances: This is also true. By comparing actual costs with standard costs, management can identify any variances and investigate their causes.

3. They are preset costs for delivering a product or service under normal conditions: This is true. Standard costs are essentially budgeted costs for the production of a product or the delivery of a service.

4. They are useful for manufacturing companies, but not service companies: This is false. While standard costs are often associated with manufacturing, they can also be used in service industries. For example, a hotel might have a standard cost for cleaning a room.

5. They are developed by the SCAB (Standard Cost Accounting Board): This is false. There is no such entity as the Standard Cost Accounting Board. Standard costs are typically developed internally by a company, often with the help of management accountants.

Standard costs have the following characteristics:

1. Production managers help determine production requirements for a unit of product: This is true. Standard costs are often determined with the help of those who are intimately familiar with the production process, such as production managers.

2. They are used to help management understand reasons for variances: This is also true. By comparing actual costs with standard costs, management can identify any variances and investigate their causes.

3. They are preset costs for delivering a product or service under normal conditions: This is true. Standard costs are essentially budgeted costs for the production of a product or the delivery of a service.

4. They are useful for manufacturing companies, but not service companies: This is false. While standard costs are often associated with manufacturing, they can also be used in service industries. For example, a hotel might have a standard cost for cleaning a room.

5. They are developed by the SCAB (Standard Cost Accounting Board): This is false. There is no such entity as the Standard Cost Accounting Board. Standard costs are typically developed internally by a company, often with the help of management accountants.