If actual costs are less than standard costs, the variance is favourable.
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Q3: Standard costs may be incorporated into the
Q4: Normal standards should be rigorous but attainable.
Q6: Once set, normal standards should NOT be
Q7: Ideal standards will generally result in favourable
Q7: Setting standard costs is relatively simple because
Q8: A direct labour price standard is frequently
Q10: An advantage of standard costs is that
Q11: Inventories CANNOT be valued at standard cost
Q12: A standard is a unit amount whereas
Q16: Actual costs that vary from standard costs
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