Question: Managerial Accounting -What is the difference between a flexible budget and a planning (also called static) budget? -What are each used for? -What is the

Managerial Accounting

-What is the difference between a flexible budget and a planning (also called static) budget?

-What are each used for?

-What is the purpose of using standards to determine budget variances for direct materials, direct labor, & overhead?

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