BANK SEBI Grade A Phase 1 & Phase 2 Mock Test 2024 Accounting and Auditing Cost and Management Accounting
Which of the following statements are correct regarding standard costing and its application in cost control?
- Standard costing involves setting predetermined costs for products and services.
- Variance analysis in standard costing helps in identifying deviations from standard costs.
- Standard costing is not suitable for service industries.
1
Only 1
2
Only 2
3
1 and 2
4
2 and 3
5
1, 2, and 3