Question: The difference between a budget and a standard is that a budget expresses management's plans, while a standard reflects what actually happened standards are excluded

The difference between a budget and a standard is that

a budget expresses management's plans, while a standard reflects what actually happened

standards are excluded from the cost accounting system, whereas budgets are generally incorporated into the cost accounting system

a budget expresses a total amount while a standard expresses a unit amount

a budget expresses what costs were, while a standard expresses what costs should be

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