1. Explain how standard costs and flexible budgets can be used for short-term profit analysis, i.e., for financial control purposes.
2. Can standard costs be used in job-order costing? In process costing? Explain.
3. Distinguish between the terms "standard costs" and "standard cost system."
4. What is the difference between standard costs and budgeted costs?
5. What is the difference between a master budget, pro forma budgets, and a flexible budget?