Question: I have an assignment where there is 4 short question below : 1. Can you please answer those 4 short question in simple word or

I have an assignment where there is 4 short question below : 1. Can you please answer those 4 short question in simple word or give explanation in your words ?

1. Explain what static and flexible budgets are and how they relate to each other: 2. What is a standard cost system and why is it used? 3. Why does activity-based costing usually produce more accurate product cost information? 4. Explain why absorption costing is the only method allowed by GAAP

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