Variances from standard costs are usually not included in reports to stockholders.

Name: Variances from standard costs are usually not included in reports to stockholders.
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Question

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Variance from standard costs are typically used for internal management purposes and are not usually included in the financial reports distributed to stockholders, which are prepared according to Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).

Variances from Standard Costs Are Usually Not Included in Reports