A standard is a unit amount whereas a budget is a total amount.
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Q7: Setting standard costs is relatively simple because
Q8: If actual costs are less than standard
Q9: Standard cost is the industry average cost
Q10: An advantage of standard costs is that
Q11: The standard predetermined overhead rate must be
Q13: Inventories cannot be valued at standard cost
Q14: An unfavorable labor quantity variance indicates that
Q15: Normal standards incorporate normal contingencies of production
Q16: Actual costs that vary from standard costs
Q17: Once set normal standards should not be
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