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:

Better Opportunity

A more favorable or advantageous situation, condition, or chance for improvement.

Type B

A personality type characterized by a generally laid-back, relaxed, and less competitive approach to life compared to Type A personalities.

Personality Style

The combination of characteristics or qualities that form an individual's distinctive character or way of interacting with the world.

Need For Achievement

A psychological drive that stimulates individuals to pursue and attain goals or accomplishments.