Question: 1. What is a flexible budget? How does it differ from a static budget? 2. What importance does the relevant range plays when preparing a

1. What is a flexible budget? How does it differ from a static budget?

2. What importance does the relevant range plays when preparing a flexible budget?

3. What are the major benefits of a standard cost system?

4. What is a variance? Explain the difference between a favorable and an unfavorable variance.

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