A standard cost is prepared for the production of one unit of product or service.

Select one:

True

False

Contribution is the difference between sales value and variable costs.

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True

False

In absorption costing, all manufacturing costs including the fixed and variable overheads are assigned to the product.

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True

False

When the actual cost is less than the standard cost, an adverse variance (A) occurs.

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True

False

Master budget is a complete and quantified set of future business plans, broken down into specific requirements.

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True

False