What is standard costing system, Accounting Basics

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What is standard costing system

Question:

1. What is Standard Costing system? What are its features? What are the advantages and limitations of this system?

The response/answer should be typed, single spaced, in times new roman font, size 12 and must follow the APA guidelines and precise the answer in well cite manner.

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Accounting Basics: What is standard costing system

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