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