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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

What is meant by reporting by the “principle of exceptions” as the term is used in reference to cost control?

To determine

Cost control:

In the budgeting process to increase the profit, the management identifies and reduces the expenses. When the actual results are higher than the standard results, the management takes action. This process is known as cost control.

To explain: The term reporting by the “principle of exceptions” used in the cost control.

Explanation

The term reporting by the “principle of exceptions” refers to the process of reporting of the variances between the actual costs and standard cos...

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