List Three Ways in Which Using a Standard Cost System

question 53

Essay

List three ways in which using a standard cost system helps managers.

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Definitions:

Good Faith

Acting with honest intentions without seeking to take unfair advantage in a transaction or situation.

Rule Of Requirements

A principle in contract law that dictates a seller must supply only the quantity of goods that a buyer requires, no less and no more.

Triple

Multiplication by three or having three parts; in some contexts, it may refer to a rating, niveau, or layer that is three times stronger, higher, or more intense.

Supply

The total amount of a product or service available for purchase at any given time.