Standard costs are:

A) Actual costs incurred to produce a specific product or perform a service.
B) Preset costs for delivering a product or service under normal conditions.
C) Established by the IMA.
D) Rarely achieved.
E) Uniform among companies within an industry.

Standard Costs

Predetermined costs to manufacture a single unit of product, serving as a benchmark for measuring performance.

IMA

Stands for the Institute of Management Accountants, a professional organization that promotes the practice of management accounting and financial management.