Give a comparative account of standard costing and budgeting.

Standard costing and budgeting are two important techniques in management accounting used by organizations to plan, control, and evaluate their performance. While both techniques are related to cost management and financial planning, they serve different purposes and have distinct characteristics. Here's a comparative account of standard costing and budgeting:

Definition and Purpose:

1. Standard Costing:
   - Definition: Standard costing involves setting predetermined cost estimates for materials, labor, and overheads for producing a unit of product or service. These predetermined costs are known as standard costs.
   - Purpose: The main purpose of standard costing is to provide a benchmark against which actual costs can be compared. It helps in cost control by identifying _______ ________ ____ ______ _____ ____ _______ ___ _______.
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