BANK SEBI Grade A Phase 1 & Phase 2 Mock Test 2024 Accounting and Auditing Cost and Management Accounting
Which of the following is a key feature of standard costing that distinguishes it from other costing methods?
1
It tracks actual costs only.
2
It sets predetermined costs for production activities.
3
It focuses on historical cost data.
4
It does not use variance analysis.
5
It is primarily used for financial accounting purposes.