BANK SEBI Grade A Phase 1 & Phase 2 Mock Test 2024 Accounting and Auditing Cost and Management Accounting
Consider the following statements about Standard Costing:
- Standard costing involves setting predetermined costs for products and services.
- It helps in variance analysis by comparing standard costs with actual costs.
- It is not suitable for controlling costs in a dynamic manufacturing environment.
Which of the above statements are correct?
1
1 and 2 only
2
2 and 3 only
3
1 and 3 only
4
1, 2, and 3
5
1 only