What is a variance from standard, Cost Accounting

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What is a variance from standard

Response to the following questions:

1. What is the purpose of a standard cost system?

2. Who is responsible for the development of the standards to be used in a standard cost system?

3. What is a variance from standard?

4. What is the relationship of a standard cost system to the principle of management by exception?

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Cost Accounting: What is a variance from standard

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Cost Accounting: What is a variance from standard

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