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Standard costs are better than historical costs because

A. Determination of standard costs is economical in terms of money as well as time

B. They facilitate delegation of responsibility

C. They help in timely action against extravagances

D. All of the above

Related Questions on Management Accounting Test Questions

Time value of money indicates that

A. A unit of money obtained today is worth more than a unit of money obtained in future

B. A unit of money obtained today is worth less than a unit of money obtained in future

C. There is no difference in the value of money obtained today and tomorrow

D. None of the above