Which of the following terms best identifies the function of standard costs where any deviation from standards can be quickly detected and responsibility pinpointed so appropriate action may be taken?

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Management by exception is the term that best identifies the function of standard costs where any deviation from standards can be quickly detected and responsibility pinpointed so appropriate action may be taken. With this approach, management focuses on significant deviations from standards and takes action only when necessary.

Which of the Following Terms Best Identifies the Function of Standard