Question
Standard Costing and Budgeting
Answer :
Word Count : 146
| Basis | Standard Costing | Budgeting |
|---|---|---|
| Definition | It is the process of setting predetermined costs for products or services to measure performance. | It is the process of preparing a detailed plan of expected income and expenditure for a future period. |
| Nature | Primarily quantitative (costs of materials, labor, and overhead). | Both quantitative and qualitative (income, expenditure, production, and operational targets). |
| Purpose | To control costs, ____ ______ __________ ____ ______ ____. _____ ______ __________ ___ ________ ___ ________ _________ ______ ______. ____ _______ __________ _____ __________ ______ ___ ___ _____ ___ _______. ___ _______ _____ _______ ______ _________ ____ _______ _____ ________ _________. ______ ______ _________ ___ ___ ______ ____ __________ ________. __________ ________ ___ ____ ______ _____ ___ ________ _______ ________. ______ _____ _____ _______ ________ ________. ________ ____ __________ ___ ____ ______ ______ ___. _____ ______ ______ ______ ________ _____. _________ ___ _____ __________ ________ ____. _____ ____ ________ ________ _______ __________ ____ ______. _________ _________ ______ ___. IGNOU ACADEMY Your IGNOU journey, made easier.
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