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Edward Kenway is at the outfit (skin) store in Cuba. He has 2 questions for...

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Accounting

Edward Kenway is at the outfit (skin) store in Cuba. He has 2 questions for you, the seller, about skins. The skins use standard costing and he wants to make his own skins. He is gathering information on how to budget right. Edward asks:

a)In standard costing, what is the difference between the standard amount and budget amount?

b)In standard costing, is a theoretical standard or practical standard give the better benchmark to see if performance in a budgeting system is good or bad?

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