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      Question

      In costing, which of the following standards are also

      known as the past performance standards?
      A Basic standards Correct Answer Incorrect Answer
      B Ideal standards Correct Answer Incorrect Answer
      C Practical standards Correct Answer Incorrect Answer
      D Normal standards Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      Solution

      Normal Standards are known as Past Performance Standards because they are based on average past performance in the past. •          Basic standards are standards that are listed for an indefinite period of time •          Ideal Standard is a theoretical standard not practicable to attain. •          Expected or Practical Standard is anticipated to be attained during a future period.

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