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Chapter15Budgeting

Budget and forecast

A forecast is a prediction of what is expected to happen,a budget is a quantified, formal plan that the organisation is aiming to achieve.

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Explain what is meant by standard costing

Explain what is meant by a standard cost

Describe four types of standard.

Explain what is meant by a standard hour.

Give five possible sources of information from which a standard materials price may be estimated.

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Explain what is meant by a standard cost
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