Question 2: Explain the similarities and differences between standards and budgets. Contrast the accounting for standards and budgets. Question 11:

Question 2:Explain the similarities and differences between standards and budgets. Contrast the accounting for standards and budgets.Question 11:In the Direct labor variance matrix, there are three factors: (1) Actual hours Actual rate, (2) Actual hours Standard rate, and (3) Standard hours Standard rate. Using the numbers, indicate the formulas for wach of the direct labor variances.