The Difference Between a Budget and a Standard Is That

question 210

Multiple Choice

The difference between a budget and a standard is that

• A) a budget expresses what costs were while a standard expresses what costs should be.
• B) a budget expresses management's plans while a standard reflects what actually happened.
• C) a budget expresses a total amount while a standard expresses a unit amount.
• D) standards are excluded from the cost accounting system whereas budgets are generally incorporated into the cost accounting system.

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Definitions:

Breadwinner Father

A traditional role where the father is the primary provider for the financial needs of the family.

Economic Responsibility

involves the obligation to make decisions and act in ways that positively affect the economic well-being of society, including responsible spending, investing, and resource allocation.

Involved Father

A father who actively participates in the upbringing and care of his children, contributing significantly to their developmental needs.

Child Rearing

The process of bringing up a child through providing for their physical, emotional, social, and educational needs.