Which of the following is true about standard costing?

The purpose of standard costing is to replace budgets and budgeting 

The purpose of standard costing is to simplify costing procedures 

A purpose of standard costing is to eliminate the need for actual costing for external reporting purposes 

A purpose of standard costing is to eliminate the need to account for yearend underapplied or overapplied manufacturing overhead

Answer rating: 100% (QA)

Standard costing is the practice of estimating the expense of a production process Its a branch of cost accounting thats used by a manufacturer for ex... View the full answer