Answer the attached questions precisely. No plagiarism and no googled answer will be allowed.

Kindly answer the below questions in your own words. NO GOOGLED ANSWER WILL BE ACCEPTED. PARAPHRASE. 1. What are standard costs? Is a standard different from a budget? A. What happens if they are set too high or too low? B. Select a standard and tell us how it is developed. 2. What are ideal and practical standards? Which do you think is better? 3. Why do firms engage in flexible budgeting? What is the difference between a static budget and a flexible budget? Feel free to provide examples