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What are the basic objectives in the use of standard costs? What is meant by...

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Accounting

  • What are the basic objectives in the use of standard costs?
  • What is meant by reporting by the principle of exceptions, as the term is used in reference to cost control?
  • What are the two variances between the actual cost and the standard cost for direct materials?
  • The materials cost variance report for Nickols Inc. indicates a large favorable materials price variance and a significant unfavorable materials quantity variance. What might have caused these offsetting variances?
  • What are the two variances between the actual cost and the standard cost for direct labor?
  • Who generally has control over the direct labor cost variances?

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