Management Accounting

The primary difference between standards and budgets is that a standard is a unit amount, whereas a budget is a total amount

An advantage of standard costs is that standard costs facilitate management planning by establishing expected future costs.

The direct labor price standard generally includes employer payroll taxes and fringe benefits, such as paid holidays and vacations.

(Actual Hours X Actual Rate) - (Standard Quantity X Actual Price) = Labor Price Variance. 

Standard hours allowed are the hours that should have been worked for the units produced.

Variance reports facilitate the principle of "management by exception"

The income statments prepared under a standard cost accounting system, cost of goods sold is stated at standard cost. 

Wich of the following is an advantage of standard costs?