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ADVANTAGES OF STANDARD COSTING
1. It offers a yardstick for measurement of performance.
2. It helps 'Management by Exception'.
3. It allows the management to focus more on those activities and expenses, which indicate high favorable or adverse variances, that saving lot of time and expense.
4. It offers motivation for achieving high performance.
5. It offers an opportunity for continuous re-appraisal of the methods of production, use of material, production design, etc, leading to cost reduction and establishing new standards.
6. It is economical and easier to operate.
7. It can be used as an aid to budgeting.
8. It removes wastages by detecting variances and suggesting corrective measures for them.
Keira Knightley Company buys a piece of equipment for $36,442 that will last for 7 years. The equipment will generate cash flows of $7,000 per year and will have no salvage value a
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Approach in Cost Accounting Cost accounting is based on the framework or concept of cost centers that is all the costs incurred throughout the production process contain to be
Labor Transactions (i) Wages Paid in cash (ii) Wages incurred like a) Direct labor or else b) Indirect labor In the Financial Books In
Absorption Costing The process described in this section by that net overheads are absorbed into production naturally enough is identified as absorption costing. The absorpti
Amy earns $35,000 working part time. Consequently, she is not eligible to participate in her employer's retirement plan or health insurance program. Amy's expenses are summarized a
Winston Duff is planning to borrow $225,000 to purchase a new home. Mr. Duff is considering two fixed-rate financing alternatives offered by Horsepen Creek State Bank. The first
Support Department Cost Allocations. Riverside Furniture Company manufactures unfinished furniture for sale to retailers. Riverside has two support departments, Maintenance and Hu
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Cost Units - Terms Used in Cost Accounting It is the quantitative units of the service or product in relation to those costs are ascertained. The cost unit will be determined
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