What is the purpose of standard costing?
What will be an ideal response?
Managers can use standard costing to simplify their record-keeping processes. The standard costing system traces direct costs to output produced by multiplying the standard prices or rates by the standard quantities of the inputs allowed for actual outputs produced. It also allocates overhead costs on the basis of the standard overhead-cost rates times the standard quantities of the allocation bases allowed for the actual outputs produced.
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Larry owns a deferred annuity for which his spouse, Karen, is the designated annuitant and his son, Chris, is the designated beneficiary. If Larry were to die before the contract is annuitized, to whom would the contract's death benefit be payable?
A) Larry's estate B) Chris C) No one; there is no death benefit under these circumstances D) Karen
After assessing a negative message, a quick response should be made based on what?
A) Automated reputation analysis feedback B) A public relations plan C) Stakeholder feedback D) Advice from experts such as the legal department E) Comments from the online community