Indicate Whether Each of the Following Statements Is True or False

Short Answer

Indicate whether each of the following statements is true or false.
Standards for direct materials and direct labor should be set by a company's accounting department.______
Standards for direct materials and direct labor should be reevaluated frequently in order to remain relevant and useful.______
Historical information is of little use in establishing standards.______
A standard represents what should be,not what is or was.______
Managers should consider behavioral implications when developing standards.______