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Costing - Phase (I & II) Methods of Costing

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Standards set provide yardsticks against which………….are compared

Budgeted costs

Estimated costs

Actual costs

None of these

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Explanation:

Standards set provide yardsticks against which actual costs are compared to ascertain efficiency or inefficiency of actual performance. Thus, standard costing helps in exercising cost control and provides information which is helpful in cost reduction.