149 Evaluate the integral.
Accounting 210: Chapter 11 Notes Standard Costs and Balanced Scorecard - Describe Standard Costs: o Distinguishing Between Standards and Budgets o Both standards and budgets are predetermined costs, and both contribute to management planning and control. o There is a difference: ▯ A standard is a unit amount. ▯ A budget is a total amount o Advantages: - Setting Standard Costs: o Setting standard costs requires input from all persons who have responsibility for costs and quantities. o Standards should change whenever managers determine that the existing standard is not a good measure of performance. o IDEAL VERSUS NORMAL STANDARDS: