Solved: Advantages and disadvantages of standard costs, Accounting Basics

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Advantages and disadvantages of standard costs

Question 1- What are some of the advantages and disadvantages of standard costs? How do managers determine what the standard cost should be? Describe the effect of inaccurate standard costs on financial reporting

Question 2- When should variances be investigated? Who should be responsible for correcting a negative variance? Why? What are some factors that can lead to variances? How can variances be corrected?

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Accounting Basics: Advantages and disadvantages of standard costs

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Accounting Basics: Advantages and disadvantages of standard costs

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