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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.
Methods of Work in Progress The two main methods used for purposes of valuing the opening work in progress: 1. Weighted Average Method 2. FIFO or First In First out Meth
Tracking Direct Materials Jack keeps full records of the material released to each job. When Donnie gathered up light bulbs, tape, breakers, wire, and wire nuts on the morning
You are assisting the accountant on the preparation of the final accounts of a business with a year-end of 31 December. A trial balance has been drawn up and a suspense account ope
It may be dispute that in a total quality environment, variance analysis from a standard costing system is redundant.í Talk about the validity of this statement.
Component of Fixed Overheads Variance Fixed Overhead Expenditure Variance The fixed overhead expenditure variance is the dissimilarity between the actual fixed expend
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Elements of Non - Manufacturing costs Non-Manufacturing costs are costs incurred via all activities such support the production of services and goods. They are selling costs
what are the accounting entries for interlocking and integrated systems of cost accounting?
explain advantages of marginal costing
direct vs. indirect method
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