Review the following incomplete statements about standard costing and related issues.
a. A(n) ______ standard allows for normal and efficient operations and takes into consideration typical production problems.
b. A budget for a single unit of a product is referred to as a(n) ______.
c. Managers must compare actual and budgeted results to control operations. This comparison process is generally called ______.
d. The ______ indicates how much a company should generally pay for the materials, labor, or overhead for a single unit of product.
e. ______ is often the key to effective variance analysis.

Complete the above incomplete statements with the correct term from the list of terms provided (note that not all terms will be used): variance analysis, ideal standard, practical standard, standard cost, standard price, management by exception, task analysis.

  • CreatedMarch 11, 2015
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