alleryStart learning →Traditional standard costing is used in financial statements to value which two items?
AGoodwill and patents
BCapital and reserves
CTax and dividends
DCOGS and inventory
Answer & Solution
Correct answer: D. COGS and inventory
Standard costs feed the income statement figure for cost of goods sold and the balance sheet figure for inventory.
Keep practising Standard Costing and Variance Analysis
Browse all Standard Costing and Variance Analysis questions for CA Final, or explore more Cost and Management Accounting topics.
Related questions
Management accounting information is computed by reference to whose needs?Variance analysis compares actual and budgeted cost of which inputs?What happens in management by exception when a deviation from the norm is insignificant?In passive management by exception, when does the manager step in?An adverse variance exists when budget versus actual leads to what effect on profit?Under standard costing, where are fixed costs of unsold goods made in a period carried forVariance analysis is a tool of budgetary control and of what other function?Besides costs, variance analysis can also be carried out for which other item?