There are two types of standards; ideal standard and efficient standard.
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Q7: Standards should be reviewed periodically.
Q8: Organisations should always use ideal standards to
Q9: A flexible budget is a set of
Q10: Ideal standards assume perfect operating conditions that
Q11: Currently attainable standards assume normal operating conditions
Q13: The standard cost of direct labour is
Q14: To establish standard costs organisations need to
Q15: Ideal standards make allowances for unexpected events.
Q16: The use of standard costs is suited
Q17: Standards costs cannot be used for new
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