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1. The difference between a budget and a standard is thatA) a budget expresses what costs were while a standard expresses what costs should be.B) a budget expresses management s plans while a standard reflects what actually happened.C) a budget expresses a total amount while a standard expresses a unit amount.D) standards are excluded from the cost accounting system whereas budgets are generally incorporated into the cost accounting system.2. A disadvantage of the cash payback technique is that itA) ignores obsolescence factors.B) ignores the cost of an investment.C) is complicated to use.D) ignores the time value of money.3. The total materials variance is equal to theA) materials price variance.B) difference between the materials price variance and materials quantity variance.C) product of the materials price variance and the materials quantity variance.D) sum of the materials price variance and the materials quantity variance.4. The cash payback techniqueA) considers cash flows over the life of a project.B) cannot be used with uneven cash flows.C) is superior to the net present value method.D) may be useful as an initial screening device.

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