STANDARD COSTING is a control method involving the preparation of detailed cost and sales budgets. Such budgets are then compared with the actual results for a specific account period and any significant variances between the actual and the budgeted results are investigated. Unexpected trends are corrected if they are not acceptable or they cannot be accommodated.
STATUTORY CONSOLIDATION is a merger where a new corporate entity is created from the two merging entities; the two merging entities then cease to exist. See also STATUTORY MERGER.
COMPLIANCE is following applicable internal control procedures, rules, or laws.
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