answersLogoWhite

0

One similarity between standards and budgets is they are both predetermined costs. A major difference is that companies can report inventories using standard costs but not budget costs.

User Avatar

Wiki User

11y ago

What else can I help you with?

Related Questions

What is the difference between family budgets and personal budgets?

the personal is for your self and family is a group


What is the difference between governmental annual operating budgets and capital budgets?

annual operating budgets include estimated revenues and appropriations for expenditure for a specific fiscal year. Capital budgets control the expenditures for construction projects and fixed asset acquisitions


The relationship between budgets and standard costing?

Facts and Fiction


What is the effectiveness of budget in achieving organizational strategic goals?

Budgets play effective role in achieving organizational strategic goals in this sense that these budgets are the ways through passing which you reach at your strategic goals. In budget development process you try to foresee that will you successfully reach at your strategic goals or not . Budgets sets the standards to achieve goals and with the help of these standards organizations can evaluate the fluctuations occur during the year and try to ascertain the reasons from deviating from achieving the define goals.


How does management use an operating budget How do they use an activity based budget What are the similarities and differences between these types of budgets?

The key to a successful financial reporting system is an operating budget in order to compare your actual operating results. Managers use the operating budget for planning in setting goals and developing strategies to achieve those goals. Budget will demonstrate how resources will be developed to implement strategy. Managers use the operating budget for strategy, long-run planning strategic plans, long-run budgets, short-turn planning operating plans, and short-run budgets. The operating budget will aid management for a specific period and [b] an aid to coordinating that needs to be done to implement that plan.


Relationship between budgets and standard costing?

they both involve the determination of future costs


How are statistics budgets revenue budgets and operating budgets related?

ask your brain


All budgets depend on the sales budget?

Yes, all budgets depend on sales budgets because budgets can't exceed the amount of available money. When sales are poor, the budgets will be smaller.


What is operational budgets?

About operational budgets can be read in


What are non-financial budgets?

Budgets are not expressed in dollar value termed non-financial budgets.


What are 3 Main Types of Budgets?

The three main types of budgets are operating budgets, capital budgets, and cash flow budgets. Operating budgets outline the projected income and expenses for daily operations over a specific period, typically a year. Capital budgets focus on long-term investments in assets, such as equipment or infrastructure, outlining costs and expected returns. Cash flow budgets track the inflow and outflow of cash to ensure that an organization can meet its financial obligations.


What are the key differences between a department chair and a department head in an academic institution?

The key difference between a department chair and a department head in an academic institution is that a department chair is typically responsible for administrative duties such as managing budgets, overseeing faculty, and coordinating curriculum, while a department head is more focused on academic leadership, research, and teaching within the department.