Asked by
Intisher Chowdhury
on Oct 23, 2024
Verified
Which of the following are methods for setting standards?
A) Historical data analysis and cost analysis
B) Task analysis and analysis of historical data
C) Budgetary analysis and data analysis
D) Cost analysis and budgetary analysis
Task Analysis
A method of breaking down a task into its constituent elements to understand its structure, processes, and necessary skills.
Historical Data Analysis
The process of examining data from the past to gain insights and make informed decisions or predictions about future trends.
Cost Analysis
The process of evaluating the various elements of cost involved in providing a product or service, aimed at finding ways to minimize expenses without compromising quality.
- Comprehend the approaches used to establish benchmarks in cost accounting.
Verified Answer
KS
Learning Objectives
- Comprehend the approaches used to establish benchmarks in cost accounting.