(Answered) Question standard cost systemusing chapter 7 of your text

Accounting

Question: Standard Cost System

Using Chapter 7 of your text as a reference, define a standard cost and explain what constitutes the components of a standard cost. Describe the advantages and disadvantages of a standard cost system and explain under what circumstances a standard cost system is most effective. Your initial post should be 200-250 words.

Chapter 7: Budgeting for Operations Management

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