Match the terms a–e with their correct definition 1–5.
a. Standard cost
b. Practical standard
c. Standard cost card
d. Ideal standard
e. Management by exception
1. Record that accumulates standard cost information.
2. Quantity of input required if a production process is 100% efficient.
3. Managing by focusing on large differences from standard costs.
4. Quantity of input required under normal conditions.
5. Preset cost for delivering a product or service under normal conditions.