(a) How are variances reported in income statements prepared for management? (b) May standard costs be used...

Question:

(a) How are variances reported in income statements prepared for management?
(b) May standard costs be used in preparing for stockholders?
Explain.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...