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Is a standard cost an estimated cost? What is the primary objective of employing standard costs in a cost system?

Is a standard cost an estimated cost? What is the primary objective of employing standard costs in a cost system?

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter7: Budgeting
Section: Chapter Questions
Problem 5MC: Which approach requires management to justify all its expenditures? A. bottom-up approach B....
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Is a standard cost an estimated cost? What is the primary objective of employing standard costs in a cost system? > What is a budget? > What is the difference between ideal and practical standards? Which standard generally is used in planning? > What is meant by the term management by exception? > What are some advantages of using standard costs? What are some disadvantages?
Transcribed Image Text:Is a standard cost an estimated cost? What is the primary objective of employing standard costs in a cost system? > What is a budget? > What is the difference between ideal and practical standards? Which standard generally is used in planning? > What is meant by the term management by exception? > What are some advantages of using standard costs? What are some disadvantages?
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