HUNS management? 4. What are the specific procedures on which a standard cost accounting system is based? 5. How are standards for materials and labor costs determined? 6. What is a variance? 7. How do price and quantity variances relate to materials costs? 3. What is a "standard"? Give some exam- ples such as those appearing in the chapter introduction. 1. How does a standard cost accounting sys- tem work, and why is it valuable to 2. What is the difference between the standard cost and the actual cost of production