Question

A variable cost system is an accounting system where standards are set for each manufacturing cost element.a) trueb) false

Answer 1

Answer:

false

Standard costing is a process that sets standards for every element of production.

Explanation:

false

Standard costing is a process that sets standards for every element of production.

Variable costing is an approach which allocates variable costs to  supply only. This system means that certain operating costs will be charged for the period imposed, while specific materials & variable overhead expenses will be assigned to the stock