Match each of the following descriptions with the term (a-e) it describes.
-Theoretical standard
A)Ideal standard
B)Nonfinancial performance measure
C)Currently attainable standard
D)Unfavorable cost variance
E)Favorable cost variance

Question

Quizplus · Accepted Answer

Ideal standards represent a set of conditions that are the most favorable possible, where everything operates perfectly without any inefficiencies or wastage. These standards are theoretical in nature because they assume a level of efficiency and effectiveness that is not always achievable in real-world operations.

Match Each of the Following Descriptions with the Term (A-E)