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Unit 5 Interactive Assessment 1
A budget is nothing more than a financial plan for the business outlining anticipated revenues (income) and anticipated costs/expenses (outflow).  The sales budget is the primary budget that drives all other budgets.  Explain.
Unit 5 Interactive Assessment 2
Standard costs are costs per unit that are expected for direct materials, direct labor and overhead.  These costs could be considered a benchmark that the company is hoping to achieve or even do better.  Standard costs can be used in both a job order or process cost system.  Give examples of how standard costs could be used in either a job order or a process cost system.