Question: - Discuss the difference between budget and standard cost. - What are ideal standards? Currently attainable standards? Of the two which is usually adopted? Why?

- Discuss the difference between budget and standard cost.

- What are ideal standards? Currently attainable standards? Of the two which is usually adopted? Why?

- How does standard costing improve the control function?

- Explain why the direct materials price variance is often computed at the point of purchase rather than at the point of issuance.

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