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Hi,
Budgets are targets to be achieved right.
Standards are pre determined cost per unit.
So are the both the same thing? My understanding was that budget is on a total basis where as standard is on a per unit basisBudgets are plans – using them as targets is just one of their uses.
Standard costs are effectively budgeted costs for a company producing goods and will be used in the preparation of budgets.
Do watch my free lectures on budgeting.
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