1.Managers develop quantity standards when they decide what amount of input should be used per unit of output.
2.Managers develop price standards when they determine what amount should be paid for the quantity of input to be used.
3.The standard cost per unit of output for a particular input is calculated by multiplying the standard price per unit by the standard number of units produced.
4.Standard costs are developed for direct materials, direct labour, and variable overhead only.
5.In setting standards, historical experience is the best source to use when determining the most efficient way to operate.
6.Operating personnel can easily achieve standards set by engineering studies.
7.Ideal standards can be achieved under efficient operating conditions.
8.Ideal standards allow for machine breakdowns, slack, or momentary lack of skill.
9.Currently attainable standards offer the most behavioural benefits because higher performance levels are attained through challenging, yet achievable, standards.
10.Currently attainable standards can be achieved under efficient operating conditions.
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