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1: Answer the following questions briefly: a) What is the difference between a standard and a budget? b) Why are separate price and quantity variances

image text in transcribed 1: Answer the following questions briefly: a) What is the difference between a standard and a budget? b) Why are separate price and quantity variances computed? c) What does the fixed overhead budget variance measure? d) What is a flexible budget and how does it differ from a static budget

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