Multiple Choice Question

The management process of identifying and quantifying the goals of the organization is known as:

managing.

controlling.

planning.

executing.

Multiple Choice Question

Identify a true statement about standard costs.

They are used by manufacturing firms and merchandising firms to determine inventory values and the amount of cost of goods sold.

They are used in the planning and control processes of service firms that perform repetitive operations in the performance of services.

They are recorded as expenses in the accounting period in which they are incurred.

They are used in the executing process of only manufacturing firms that perform repetitive operations in the production of goods.