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Short Answer Questions 1. Is a standard cost an estimated cost? What is the primary objective of employing standard costs in a cost system? 2.

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Short Answer Questions 1. Is a standard cost an estimated cost? What is the primary objective of employing standard costs in a cost system? 2. 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? How does the use of standard costs permit the application of the principle of management by exception? 3

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