The difference between the standard cost of a product and its actual cost is called a variance.
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Q1: The principle of exceptions allows managers to
Q2: Normally, standard costs should be revised when
Q3: Standards are performance goals used to evaluate
Q5: Financial reporting systems that are guided by
Q6: Accounting systems that use standards for product
Q7: The standard cost is how much a
Q8: It is correct to rely exclusively on
Q9: Ideal standards are developed under conditions that
Q10: Standards are set for only direct labor
Q11: Standard costs should always be revised when
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