In 200-250 words:

Review the Standard costs: wake up and smell the coffee. article. When evaluating performance, many organizations compare current results with the actual results of previous accounting periods. Is an organization that follows this approach likely to encounter any problems? Explain.

Article: http://www.cimaglobal.com/Thought-leadership/Newsletters/Insight-e-magazine/Insight-2010/Insight-March-2010/Standard-costing/