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Which of the following statements are true about standard labour time?

A. Standard labour time indicates the time in hours needed for a specified process

B. It is standardized on the basis of past experience with no adjustments made for time and motion study

C. In fixing standard time due allowance should not be given to fatigue and tool setting

D. The Production manager does not provide any input in setting the labour time standards

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