These first three sections of the chapter have explained the meaning of a standard and the various
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These first three sections of the chapter have explained the meaning of a standard and the various different approaches to the creation of a standard. Read the sections again and satisfy yourself that you are aware of the differences. That awareness will help you in thinking about the interpretation of variances.
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Understanding the concept of a standard and the different approaches to its creation is crucial for interpreting variances effectively Lets briefly re...View the full answer
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