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Is a standard cost an estimated cost? What is the primary objective of employing standard costs in a cost system? What is a budget? What

Is a standard cost an estimated cost? What is the primary objective of employing standard costs in a cost system?

What is a budget?

What is the difference between ideal and practical standards? Which standard generally is used in planning?

What is meant by the term management by exception?

What are some advantages of using standard costs? What are some disadvantages?

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