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Question:
Review the Standard costs: wake up and smell the coffee. article. When evaluating performance, many organizations compare current results with the actual results of previous accounting periods. Is an organization that follows this approach likely to encounter any problems? Explain.
REFERENCE:
https://www.cimaglobal.com/Thought-leadership/Newsletters/Insight-e-magazine/Insight-2010/Insight-March-2010/Standard-costing/
Shown here are annual financial data at December 31, 2013, taken from two different companies.
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