Historical experience may provide an initial guideline for setting standards, but it should be used with caution.
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Q4: Ideal standards demand maximum efficiency and can
Q6: Currently attainable standards can be achieved under
Q6: The total budget variance is the difference
Q9: One reason for adopting a standard cost
Q10: Managers develop quantity standards when they decide
Q11: The standard cost sheet provides the input
Q12: If a process-costing system uses standard costing
Q13: Standard costs are developed for direct materials,
Q14: Currently attainable standards offer the most behavioural
Q16: Managers develop price standards when they determine
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