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Difference Between Standard Cost & Actual Cost Video

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

A pre-established or pre-determined cost to manufacture a unit of finished product is called _____.

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1. This document shows the standard quantities and standard inputs to make one unit of product.

2. This category of standards represent perfect operating conditions. Normal production inefficiencies are not taken into account. The resulting standard costs under this category are very tight and unattainable.

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About This Quiz & Worksheet

The quiz/worksheet combo aids in checking your familiarity with standard and actual cost. Different types of costs and standards are covered on the quiz.

Quiz & Worksheet Goals

You can see how much you know about:

  • Pre-determined cost to manufacture a unit of finished product
  • The meaning of an unfavorable variance
  • Concept stating management should focus on areas that need it so that important management functions can be executed
  • Document showing standard quantities and standard inputs to make a unit of product

Skills Practiced

  • Distinguishing differences - compare and contrast main topics, such as actual cost and standard cost
  • Information recall - access the knowledge you have gained about the category of standards that represents perfect operating conditions
  • Reading comprehension - ensure that you draw the most important information from the lesson on standard cost and actual cost

Additional Learning

If you want to learn more, access the lesson called Difference Between Standard Cost & Actual Cost. Other topics you can review include:

  • Examples of actual costs
  • Types of standards
  • The significance of a variance
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