ACC 349 Week 4 DQ 1

May 8th, 2015
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ACC 349 Week 4 DQ 1

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What are some of the advantages and disadvantages of standard costs? How do managers determine what the standard cost should be? Describe the effect of inaccurate standard costs on financial reporting.Because standard costs are a mean for budgeting they are advantageous as they aid in manager planning, provide more accurate price setting for products, foster more cost-conscious employees, provide cost control, and simplify the cost processes of inventory. The disadvantages can include that these attributes are only realized when standard costs are accurately conceived and used. Furthermore,

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