1. Explain what is meant by the term management by exception (see, for example: www.myaccounting course.com/accounting-dictionary/management-by-exception). What is the relationship between the process...

1. Explain what is meant by the term management by exception (see, for example: www.myaccounting course.com/accounting-dictionary/management-by-exception). What is the relationship between the process of standard cost variance analysis and management by exception?

2. Should the performance of a division be deemed less than satisfactory if all of its variances are “unfavorable”? Explain.