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Question

Which one of the following statements is true about estimated costs and standard costs ?

A Standard costs are based on scientific analysis and engineering studies while estimated costs are based on historical basis.
B Standard cost emphasis is on “what cost will be” while estimated cost emphasis is on “what cost should be”.
C Standard costs are more frequently revised compared to estimated cost.
D Estimated costs are more stable than standard costs

Answer & Explanation

Answer:Standard costs are based on scientific analysis and engineering studies while estimated costs are based on historical basis.

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