Question

Standard costs are used in which of the following phases of the management process?

A. planning.
B. control.
C. organizing.
D. both planning and control.

Answer 1

Standard costs are used in both planning and control phases of the management process to estimate, budget, and monitor performance.

Step-by-step explanation:

Standard costs are used in both planning and control phases of the management process. In the planning phase, standard costs are used to estimate and budget for future operations, allowing managers to set goals and make informed decisions. In the control phase, standard costs are used to compare actual performance against planned performance, enabling managers to identify variances and take corrective actions.