Principle of Exceptions Allows Managers to Focus on Correcting Variances

question 128

True/False

Principle of exceptions allows managers to focus on correcting variances between standard costs and actual costs.

---

Definitions:

Reasonable Regulations

Regulations deemed fair, moderate, and not excessive, often designed to protect public welfare or consumer rights.

Compensation

Payment or reward given to someone, typically as reparation for loss, injury, or suffering, or as payment for a service or employment.

Public Use

The use of land or property by a government for activities and projects that benefit the general public.

Personal Property

Refers to movable items owned by an individual or a corporation, including furniture, vehicles, electronics, stocks, and intellectual property, as opposed to real property like land or buildings.