1. Under a standard cost system, the materials efficiency variances are the responsibility of

Production and industrial engineering

Purchasing and sales

Purchasing and industrial engineering

Sales and industrial engineering

2. The engagement proposal letter generally includes the following except:

Objective and benefits of the engagement

Personnel who will be assigned as engagement team members

Scope of work

Fees and billings arrangement

3. This management practice involves giving significant attention only to those areas which material variances from expectations occur.

Responsibility accounting

Management by objective

management by exemption

None of the above