| 10-1 | Describe the elements of a cost control system. |
| 10-2 | Describe two ways to set cost standards and distinguish between perfection and practical standards. |
| 10-3 | Compute and interpret the direct-material price and quantity variances and the direct-labor rate and efficiency variances. |
| 10-4 | Explain several methods for determining the significance of cost variances. |
| 10-5 | Describe some behavioral effects of standard costing. |
| 10-6 | Explain how standard costs are used in product costing. |
| 10-7 | Summarize some advantages of standard costing. |
| 10-8 | Explain several common criticisms of standard costing. |
| 10-9 | Prepare journal entries to record and close out cost variances (appendix). |
