14. A difference between standard costs used for cost control and budgeted costs Group of answer choices Can exist because establishing budgeted involves employee participation and standard costs do not. Can exist because standard costs represent what costs should be while budgeted costs represent expected actual costs. Can exist because budgeted costs are historical costs while standard costs are based on engineering studies. Can exist because standard costs must be determined after the budgeted is completed.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
14.
A difference between
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