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What is meant by the term management by exception why are

1. What is a quantity standard? What is a price standard?

2. Distinguish between ideal and practical standards.

3. What is meant by the term management by exception?

4. Why are separate price and quantity variances computed?

5. Who is generally responsible for the materials price variance? The materials quantity variance? The labor efficiency variance?

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Managerial Accounting: What is meant by the term management by exception why are

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