Explain whether standard costs are the expected total costs of completing a job or not.

Question

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Answer 1

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 23, Problem 1Q

(a)

To determine

Explain whether standard costs are the expected total costs of completing a job or not.

(a)

Expert Solution

Answer to Problem 1Q

No, it is incorrect; the standard costs are predetermined unit cost for completing a job. The standard costs are the estimated costs, which companies use to measure their performance, and the companies try to attain it as a standard objective.

Explanation of Solution

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

Standard costs are the costs which are estimated by a company to measure its own financial performance.
The standard costs are the estimated total costs and these are the standard of the costs which a company tries to achieve in its future accounting period.

Conclusion

No, the standard costs are not the expected total cost of the company.

(b)

To determine

Explain whether standard imposed by the government agency is regulation or not.

(b)

Expert Solution

Answer to Problem 1Q

Yes, the standards imposed by the governmental agencies are known as regulations. The government regulations are the defined acts and rules which have legal grounds. These acts are the labor standards, equal opportunity, and environmental standards.

Explanation of Solution

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

The government regulations refer to some kind of rules which are prepared so that the said work is done in a defined manner, and is abiding by the law.
The government regulations are also some standards which are set by the government for the said work, and so that are needed to be followed.
It is prepared by the government to manage the works in a proper manner and in a defined way so that no discrepancies are created.

Conclusion

The standards imposed by the governmental agencies are known as the regulations.

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Answer 2

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 23, Problem 1Q

(a)

To determine

Explain whether standard costs are the expected total costs of completing a job or not.

(a)

Expert Solution

Answer to Problem 1Q

No, it is incorrect; the standard costs are predetermined unit cost for completing a job. The standard costs are the estimated costs, which companies use to measure their performance, and the companies try to attain it as a standard objective.

Explanation of Solution

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

Standard costs are the costs which are estimated by a company to measure its own financial performance.
The standard costs are the estimated total costs and these are the standard of the costs which a company tries to achieve in its future accounting period.

Conclusion

No, the standard costs are not the expected total cost of the company.

(b)

To determine

Explain whether standard imposed by the government agency is regulation or not.

(b)

Expert Solution

Answer to Problem 1Q

Yes, the standards imposed by the governmental agencies are known as regulations. The government regulations are the defined acts and rules which have legal grounds. These acts are the labor standards, equal opportunity, and environmental standards.

Explanation of Solution

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

The government regulations refer to some kind of rules which are prepared so that the said work is done in a defined manner, and is abiding by the law.
The government regulations are also some standards which are set by the government for the said work, and so that are needed to be followed.
It is prepared by the government to manage the works in a proper manner and in a defined way so that no discrepancies are created.

Conclusion

The standards imposed by the governmental agencies are known as the regulations.

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Answer 3

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 23, Problem 1Q

(a)

To determine

Explain whether standard costs are the expected total costs of completing a job or not.

(a)

Expert Solution

Answer to Problem 1Q

No, it is incorrect; the standard costs are predetermined unit cost for completing a job. The standard costs are the estimated costs, which companies use to measure their performance, and the companies try to attain it as a standard objective.

Explanation of Solution

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

Standard costs are the costs which are estimated by a company to measure its own financial performance.
The standard costs are the estimated total costs and these are the standard of the costs which a company tries to achieve in its future accounting period.

Conclusion

No, the standard costs are not the expected total cost of the company.

(b)

To determine

Explain whether standard imposed by the government agency is regulation or not.

(b)

Expert Solution

Answer to Problem 1Q

Yes, the standards imposed by the governmental agencies are known as regulations. The government regulations are the defined acts and rules which have legal grounds. These acts are the labor standards, equal opportunity, and environmental standards.

Explanation of Solution

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

The government regulations refer to some kind of rules which are prepared so that the said work is done in a defined manner, and is abiding by the law.
The government regulations are also some standards which are set by the government for the said work, and so that are needed to be followed.
It is prepared by the government to manage the works in a proper manner and in a defined way so that no discrepancies are created.

Conclusion

The standards imposed by the governmental agencies are known as the regulations.

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Answer 4

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 23, Problem 1Q

(a)

To determine

Explain whether standard costs are the expected total costs of completing a job or not.

(a)

Expert Solution

Answer to Problem 1Q

No, it is incorrect; the standard costs are predetermined unit cost for completing a job. The standard costs are the estimated costs, which companies use to measure their performance, and the companies try to attain it as a standard objective.

Explanation of Solution

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

Standard costs are the costs which are estimated by a company to measure its own financial performance.
The standard costs are the estimated total costs and these are the standard of the costs which a company tries to achieve in its future accounting period.

Conclusion

No, the standard costs are not the expected total cost of the company.

(b)

To determine

Explain whether standard imposed by the government agency is regulation or not.

(b)

Expert Solution

Answer to Problem 1Q

Yes, the standards imposed by the governmental agencies are known as regulations. The government regulations are the defined acts and rules which have legal grounds. These acts are the labor standards, equal opportunity, and environmental standards.

Explanation of Solution

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

The government regulations refer to some kind of rules which are prepared so that the said work is done in a defined manner, and is abiding by the law.
The government regulations are also some standards which are set by the government for the said work, and so that are needed to be followed.
It is prepared by the government to manage the works in a proper manner and in a defined way so that no discrepancies are created.

Conclusion

The standards imposed by the governmental agencies are known as the regulations.

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Answer 5

Chapter 23, Problem 1Q

(a)

To determine

Explain whether standard costs are the expected total costs of completing a job or not.

(a)

Expert Solution

Answer to Problem 1Q

No, it is incorrect; the standard costs are predetermined unit cost for completing a job. The standard costs are the estimated costs, which companies use to measure their performance, and the companies try to attain it as a standard objective.

Explanation of Solution

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

Standard costs are the costs which are estimated by a company to measure its own financial performance.
The standard costs are the estimated total costs and these are the standard of the costs which a company tries to achieve in its future accounting period.

Conclusion

No, the standard costs are not the expected total cost of the company.

(b)

To determine

Explain whether standard imposed by the government agency is regulation or not.

(b)

Expert Solution

Answer to Problem 1Q

Yes, the standards imposed by the governmental agencies are known as regulations. The government regulations are the defined acts and rules which have legal grounds. These acts are the labor standards, equal opportunity, and environmental standards.

Explanation of Solution

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

The government regulations refer to some kind of rules which are prepared so that the said work is done in a defined manner, and is abiding by the law.
The government regulations are also some standards which are set by the government for the said work, and so that are needed to be followed.
It is prepared by the government to manage the works in a proper manner and in a defined way so that no discrepancies are created.

Conclusion

The standards imposed by the governmental agencies are known as the regulations.

Answer 6

Chapter 23, Problem 1Q

(a)

To determine

Explain whether standard costs are the expected total costs of completing a job or not.

(a)

Expert Solution

Answer to Problem 1Q

No, it is incorrect; the standard costs are predetermined unit cost for completing a job. The standard costs are the estimated costs, which companies use to measure their performance, and the companies try to attain it as a standard objective.

Explanation of Solution

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

Standard costs are the costs which are estimated by a company to measure its own financial performance.
The standard costs are the estimated total costs and these are the standard of the costs which a company tries to achieve in its future accounting period.

Conclusion

No, the standard costs are not the expected total cost of the company.

Answer 7

Chapter 23, Problem 1Q

(a)

To determine

Explain whether standard costs are the expected total costs of completing a job or not.

Answer 8

(a)

Expert Solution

Answer to Problem 1Q

No, it is incorrect; the standard costs are predetermined unit cost for completing a job. The standard costs are the estimated costs, which companies use to measure their performance, and the companies try to attain it as a standard objective.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Explanation of Solution

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

Standard costs are the costs which are estimated by a company to measure its own financial performance.
The standard costs are the estimated total costs and these are the standard of the costs which a company tries to achieve in its future accounting period.

Answer 13

Conclusion

No, the standard costs are not the expected total cost of the company.

Answer 14

(b)

To determine

Explain whether standard imposed by the government agency is regulation or not.

(b)

Expert Solution

Answer to Problem 1Q

Yes, the standards imposed by the governmental agencies are known as regulations. The government regulations are the defined acts and rules which have legal grounds. These acts are the labor standards, equal opportunity, and environmental standards.

Explanation of Solution

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

The government regulations refer to some kind of rules which are prepared so that the said work is done in a defined manner, and is abiding by the law.
The government regulations are also some standards which are set by the government for the said work, and so that are needed to be followed.
It is prepared by the government to manage the works in a proper manner and in a defined way so that no discrepancies are created.

Conclusion

The standards imposed by the governmental agencies are known as the regulations.

Answer 15

(b)

To determine

Explain whether standard imposed by the government agency is regulation or not.

Answer 16

(b)

Expert Solution

Answer to Problem 1Q

Yes, the standards imposed by the governmental agencies are known as regulations. The government regulations are the defined acts and rules which have legal grounds. These acts are the labor standards, equal opportunity, and environmental standards.

Answer 17

(b)

Expert Solution

Answer 18

(b)

Expert Solution

Answer 19

Expert Solution

Answer 20

Explanation of Solution

Standard costs: These are the costs which a company determines as a standard to attain its objectives. These are the pre-determined costs where an expected cost is substituted for the actual costs, and companies use this for measuring performance.

The government regulations refer to some kind of rules which are prepared so that the said work is done in a defined manner, and is abiding by the law.
The government regulations are also some standards which are set by the government for the said work, and so that are needed to be followed.
It is prepared by the government to manage the works in a proper manner and in a defined way so that no discrepancies are created.