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Budget
A budget usually refers to a department'sor a company's projected revenues, costs, or expenses.
Standard
A standard usually refers to a projected amount per unit of product, per unit of input (such as direct materials, factory overhead), or per unit of output.
Example
A manufacturer will have budgets for its manufacturing or factory overhead departments. Let's assume that the budgeted manufacturing overhead for the upcoming year is expected to be $1,000,000 in order to produce the expected 100,000 identical units of product. The standard cost of manufacturing overhead per unit of product is $10 ($1,000,000 divided by 100,000 units). When the products are not identical, the $1,000,000 of manufacturing overhead might be divided by the expected number of machine hours required to manufacture the units of product. Assuming it will take 50,000 machine hours, the standard cost of the manufacturing overhead will be $20 per machine hour ($1,000,000 divided by 50,000 machine hours).
What else can I help you with?
What is the difference between a rolling budget and a flexible budget?
Here are the differences between the two: Flexible Budget-A flexible budget is a budget that adjusts or flexes for changes in the volume of activity. The flexible budget is more sophisticated and useful than a static budget, which remains at one amount regardless of the volume of activity. Rolling Budget-Method in which a budget established at the beginning of an accounting period is continually amended to reflect variances that arise due to changing circumstances. Hope this helps!
The similarities and differences between standards and budgets?
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.
What is the difference between budget center and cost center?
Japtj
What is the difference between a fixed budget and a flexible budget?
is a plan for a single level of production, whereas a flexible budget can be converted to any level of production.
What is the difference between a budget and a capital budget?
A budget is a financial plan for the upcoming period. A capital budget, on the other hand, involves an organization's proposed long-range major projects.
What is the difference between financial budget and a financial budget?
There is no difference between them.. Their difference only is how you understood about financial budget.. :)
What is the difference between write offs and write downs?
Write offs are things you can get rid of with taxes. The write down's will have to be dealt with by accounting in the budget.
Illustrate by means of a diagram the budget planning process show clearly the difference between a functional budget and a financial budget?
iiiustrate by means of a diagram the budget planning process show clearly the difference between a functional budget and a financial budget
What is the difference between a rolling budget and a flexible budget?
Here are the differences between the two: Flexible Budget-A flexible budget is a budget that adjusts or flexes for changes in the volume of activity. The flexible budget is more sophisticated and useful than a static budget, which remains at one amount regardless of the volume of activity. Rolling Budget-Method in which a budget established at the beginning of an accounting period is continually amended to reflect variances that arise due to changing circumstances. Hope this helps!
What is a budget variance?
A budget "variance" is the difference between planned and actual performance.
What is budget variance?
A budget "variance" is the difference between planned and actual performance.
What is the similarity and difference between the cash budget and long term financial planning?
what is the difference and similarity between cash budget and long term financial planning
The similarities and differences between standards and budgets?
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.
What is the difference between budget center and cost center?
Japtj
What is the difference between a fixed budget and a flexible budget?
is a plan for a single level of production, whereas a flexible budget can be converted to any level of production.
What is main difference between capital budget and revenue budget?
While the capital budget and revenue budget are both budgets, the capital budget is incorporated for the long term. A revenue budget is made for the short term.
Difference between revised estimate and supplementary estimate?
A supplementary estimate refer to the additional or extra estimate. A revised estimate is the difference between the former budget estimates and the actual expenditure, which is usually presented in the next budget.
