The Difference Between Standard Costs and Budgeted Costs Is That

question 57

Multiple Choice

The difference between standard costs and budgeted costs is that standard cost

• A)refers to a single unit while budgeted costs refer to the cost, at standard, for the total number of budgeted units.
• B)is calculated under ideal conditions, while budgeted costs are calculated for attainable conditions.
• C)is calculated for raw material while budgeted costs are calculated for direct labor.
• D)is part of the management accounting system, while budgets are part of the financial accounting system.

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Definitions:

Personality Assessment

The assessment and analysis of psychological characteristics, actions, and outlooks to comprehend a person's character.

Inner Reality

The subjective experience or personal world of an individual, including thoughts, feelings, and perceptions that are not immediately observable by others.

Private Self

The aspect of a person's self-concept that includes thoughts, feelings, and desires not expressed or visible to others.

External Reality

The physical world outside of oneself that can be observed and interacted with by an individual.