The difference between the standard cost of a product and its actual cost is called a cost variance.
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Q1: The principle of exceptions allows managers to
Q2: Normally, standard costs should be revised when
Q6: Accounting systems that use standards for product
Q9: Ideal standards are developed under conditions that
Q10: Standards are set for only direct labor
Q12: Currently attainable standards do not allow for
Q17: The fact that workers are unable to
Q18: In most businesses, cost standards are established
Q20: Accounting systems that use standards for product
Q26: While setting standards, managers should never allow
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