Financial reporting systems that are guided by the principle of exceptions focus attention on variances from standard costs.

Name: Financial reporting systems that are guided by the principle of exceptions focus attention on variances from standard costs.
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Quizplus · Accepted Answer

Exception reporting in financial systems highlights deviations from expected or standard costs, allowing management to focus on areas that are not performing as planned and potentially require intervention.

Financial Reporting Systems That Are Guided by the Principle of Exceptions