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Chapter15Budgeting

The principal budget factor is the limiting factor since this determines all other budgets.

In most companies, the level of demand determines the size and scale of the operation which is why many budgetary planning processes begin with the sales budget.

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Explain what is meant by standard costing

Explain what is meant by a standard cost

Describe four types of standard.

Explain what is meant by a standard hour.

Give five possible sources of information from which a standard materials price may be estimated.

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Explain what is meant by a flexed budget
Explain what is meant by standard costing
Describe four types of standard.
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