Question: Which of the following statements is INCORRECT regarding standard cost systems? Group of answer choices A standard cost system can be applied in either a job-order or a process costing context A stand cost system refers to an accounting system in which standard costs, and associated standard cost variances, are recorded in the formal accounting system It is generally simpler to establish standards in conjunction with a process costing system Managers are able to compare actual and standard costs and analyze variances at the end of the accounting period