Discuss the difference between budgets and standard costs

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Reference no: EM131342351

1. Discuss the difference between budgets and standard costs.

2. Describe the relationship that unit standards have with flexible budgeting.

3. Why is historical experience often a poor basis for establishing standards?

4. What are ideal standards? Currently attainable standards? Of the two, which is usually adopted? Why?

Reference no: EM131342351

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