What is the proper sequence in standard costing to control cost and measure efficiency —

CS Executive · Cost and Management Accounting · PYQS · June 2016
What is the proper sequence in standard costing to control cost and measure efficiency —
(A) Try to achieve targets, compare actual costs with targets, set targets
(B) Set targets, compare actual costs with targets, try to achieve targets
(C) Set targets, compare actual costs with targets, report to management, revise the targets
(D) Set targets, try to achieve targets, compare actual with targets, report to management.

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Standard Costing

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