Discuss budgetary planning and control plan

Discuss budgetary planning and control plan
1. Briefly describe the difference between budgetary planning and control.
2. What are standard costs? When are they set?
3. Explain a standard cost system and how a company
uses it.
4. What is the difference between ideal and easily attainable
standards?
5. What type of standard is best for motivating individuals to
work hard?
6. Briefly describe the two types of standards on which a
standard cost system relies.
7. What is a standard cost card, and why is it important?
8. How do the terms standard and budget relate to one
another and how do they differ?
9. Explain what the terms favorable variance and unfavorable
variance mean.
10. How do the master budget, flexible budget, and static budget differ from one another?
11. What type of variance is created by comparing the master
budget to the flexible budget?
12. What type of variance is calculated by comparing actual
costs to the flexible budget?
13. The spending variance can be separated into two components. Name and briefly describe them.
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