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Chapter15Budgeting

A flexible budget is a budget which, by recognising different cost behaviour patterns, is designed to change as volume of activity changes.

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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 flexible budget
Explain what is meant by a standard cost
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