Ideal standards will generally result in favourable variances for the company.
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Q3: Standard costs may be incorporated into the
Q4: Normal standards should be rigorous but attainable.
Q6: Once set, normal standards should NOT be
Q6: A variance is the difference between actual
Q8: A direct labour price standard is frequently
Q9: If actual costs are less than standard
Q10: An advantage of standard costs is that
Q11: Inventories CANNOT be valued at standard cost
Q12: A standard is a unit amount whereas
Q18: In developing a standard cost for direct
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