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:

Supreme Court

The highest judicial body in a country or state, typically having the ultimate authority in legal disputes and constitutional matters.

Populist Party

The Populist Party, also known as the People's Party, was a political party in the United States that sought to represent the interests of farmers and laborers in the late 19th century.

Agrarian-Based

Agrarian-Based describes an economy or society that is primarily built around agriculture and farming as the main source of livelihood.

Third Party

A political party that operates in addition to the two major parties in a two-party system, often campaigning on niche or alternative policies.