One reason not to depend solely on historical records to set standards is that there may be inefficiencies contained in past costs.
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Q3: Standards are performance goals used to evaluate
Q8: It is correct to rely exclusively on
Q9: Standard costs can be used with both
Q9: Ideal standards are developed under conditions that
Q11: Standard costs should always be revised when
Q12: Currently attainable standards do not allow for
Q13: Cost systems using detailed estimates of each
Q13: If employees are given bonuses for exceeding
Q14: Standard costs serve as a device for
Q18: In most businesses, cost standards are established
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