Accounting 21 and 22

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standards that represent levels of operation that can be attained with reasonable effort

normal standards

provides the starting point for the preparation of the direct labor cost budget

production budget

the first budget customarily prepared as part of an entity's master budget is the

sales budget

A favorable cost variance occurs when

standard costs are more than actual costs

The master budget consists of a series of operating budget which ends with

the budgeted income statement

budgets may be described as

A quantitative expression of a plan of action


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