Standard Costs (150 words) What are some of the advantages and disadvantages of standard costs? Do you see any application to your personal situation and if so what? Determining Standard Costs (150 words) How do managers determine what the standard cost should be? Describe the effect on financial reporting of inaccurate standard costs. Do you see how standard cost can be used by you and if so how? Types of Variances (150 words) What are some types of variance and when should those variances be investigated? Assuming you have a personal budget and everyone should, do you track variances and how does it affect your budget? Correcting Variances (150 words) Who should be responsible for correcting a negative variance? Why? Factors Leading to Variances (150 words) What are some factors that can lead to variances? How can variances be corrected and how do you do it personally?

Standard Costs (150 words) What are some of the advantages and disadvantages of standard costs? Do you see any application to your personal situation and if so what? Determining Standard Costs (150 words) How do managers determine what the standard cost should be? Describe the effect on financial reporting of inaccurate standard costs. Do you see how standard cost can be used by you and if so how? Types of Variances (150 words) What are some types of variance and when should those variances be investigated? Assuming you have a personal budget and everyone should, do you track variances and how does it affect your budget? Correcting Variances (150 words) Who should be responsible for correcting a negative variance? Why? Factors Leading to Variances (150 words) What are some factors that can lead to variances? How can variances be corrected and how do you do it personally? Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2010). Managerial accounting: Tools for business decision making (5th ed.). Hoboken, NJ: John Wiley & Sons