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Which of the following statements is correct ? Establishing standards is the least difficult aspect of using a standard cost system. Managers should be praised

Which of the following statements is correct?

  • Establishing standards is the least difficult aspect of using a standard cost system.

  • Managers should be praised or punished based on variances.

  • A favorable variance may indicate the existence of unfavorable conditions.

  • Budget slack exists when performance standards are set at an ideal, unachievable level.

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