A standard cost best describes:Multiple choice question.the routine timing for when budget costs are analyzedany difference between budgeted costs and actual costsa structured process used to calculate budget amountsa budget for a single unit component of a product or service

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

Which of the following describes the Actual budgeting method? Does not include overhead costsConsiders historical budgetsAllows for cost overagesEstimates a value for each project activity

Standard costs are used in the calculation of:Multiple ChoicePrice and quantity variances.Price variances only.Quantity variances only.Price, quantity, and sales variances.Quantity and sales variances.

Sarah is opening a nail salon and is setting up their accounting system. They have decided to use normal costing. What may have been the deciding factor in choosing normal over actual costing?Select answer from the options belowShe chose based on the assumption her estimates were accurate and would not need to wait for actual costs.She chose normal for now and will change later if it does not work for her business.With time being an issue, she could use estimated MOH to set unit costs prior to opening.Normal costing is more widely used and actual cost is not as common.

As a project manager, you determine the cost for items such as software, tools, labor, and equipment. What budgeting term refers to these types of costs?1 pointContingency budgetCost of qualityResource cost ratesReserve analysis