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:

Quasi In Rem

A legal term referring to a court's jurisdiction over an individual's property to resolve a dispute, not directly against the person.

Excess Proceeds

The amount of money that remains after all debts, liabilities, and costs have been paid off in a transaction, often associated with auctions or foreclosures.

Neonates

Newborn babies, especially within the first month after birth.

Calming Effect

The process of inducing a state of relaxation and reduced stress in an individual.