CHAPTER 23: PERFORMANCE EVALUATION USING VARIANCES FROM
STANDARD COSTS
1. A variable cost system is an accounting system where standards are set for each manufacturing cost element.
a. True
b. False
2. One reason not to depend solely on historical records to set standards is that there may be inefficiencies contained in
past costs.
a. True
b. False
9. Financial reporting systems that are guided by the principle of exceptions concept focus attention on variances from
standard costs.
a. True
b. False
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