Question: Standards can be either theoretical (impossible dream) or practical (attainable all the time or only part of the time). Theoretically either can be used as
Standards can be either theoretical ("impossible dream") or practical (attainable all the time or only part of the time). Theoretically either can be used as the framework for the budgeting process. Required: a) What is the major distinction, if any, between a standard amount and a budgeted amount? b) Which standard, theoretical or practical, provides the better benchmark for evaluating subsequent performance in a budgeting system? Explain.
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
