Variances are differences between budgeted and actual results.
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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
Q19: It is not possible to calculate a
Q20: Managers can study the difference between the
Q21: If managers could accurately predict actual volume
Q22: The static budget compared to flexible budget
Q23: Efficiency variances provide information about how economically
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