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What are the three primary uses of a standard cost system

Questions:

1. What are the three primary uses of a standard cost system? In a business that routinely manufactures the same products or performs the same services, why are standards helpful?

2. What is management by exception? Why is a standard cost system useful when managers control "by exception"?

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Accounting Basics: What are the three primary uses of a standard cost system

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Accounting Basics: What are the three primary uses of a standard cost system

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