For which of the following can a standard cost accounting system be used?

a. Direct materials

b. Overhead

c. Direct labor

d. All of these

A purpose of standard costing is to

a. control costs.

b. allocate costs more accurately.

c. replace subjective decision making.

d. compute the breakeven point.

The use of realistic predetermined unit costs to facilitate product costing, cost control, cost flow, and inventory valuation is a description of the

a. flexible budget concept.

b. budgetary control concept.

c. capacity level concept.

d. standard cost accounting concept.

An expression of the hourly labor pay cost per function or job classification that is expected to exist during the next accounting period is the definition of a

a. direct labor time standard.

b. direct materials quantity standard.

c. direct labor rate standard.

d. variable overhead rate.