Standards Can Be Either Theoretical ("Impossible Dream")or Practical (Attainable All

question 119

Essay

Standards can be either theoretical ("impossible dream")or practical (attainable all the time or only part of the time).Theoretically either can be used as the framework for the budgeting process.
Required:
a)What is the major distinction,if any,between a standard amount and a budgeted amount?
b)Which standard,theoretical or practical,provides the better benchmark for evaluating subsequent performance in a budgeting system? Explain.

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Definitions:

Financial Burdens

Economic strains or stressors that affect individuals or families, often due to high expenses, debt, or insufficient income.

Remarry

The process of remarrying following the termination of a marriage due to divorce or the death of one's spouse.

Living Will

A legal document that specifies the medical treatments a person would like to receive if incapacitated.

End-Of-Life Measures

Procedures, treatments, or actions taken to provide comfort, manage pain, and address the needs of individuals nearing the end of their lives.