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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.
Occurrence of Overhead Variances Overhead variances arise mainly because of the conventions of the overheads absorption process. The overhead absorption rates employed in this
Pauline's Pastry Shop decides to remodel its offices this year. As part of the remodeling, Pauline's trades furniture with a cost of $12,000 that had been expensed in the year of p
You work for a firm of accountants as a junior accounts assistant and part of your role is to prepare clients' ledgers accounts from incomplete records. A client of the firm you
Your company completed the site work for the South Pointe office complex. The costs are shown in Figure 11-3. The site concrete labor and landscaping were done by subcontractors. T
fifo method
MLC, which was established in year 1998, manufactures a range of garden sheds and summerhouses using timber purchased from a various suppliers.The recently appointed managing direc
Engineering Method of Cost Estimation This method is based on a detailed study of each operation whereas careful requirement is made for materials, labour and equipment essent
INSURANCE Trustees may insure trust property against loss or damage by fire subject to the following conditions: 1. The insurance must not exceed the full value of the proper
I just do not know which form those numbers should go in. I would canculate the results myself. Thanks John and Ellen Brite are married and file a joint return. They have no depend
Determine Profit in Long-Term To demonstrate the point about profit in the long-term, let us assume that a company sells and makes a single product. There are no opening stoc
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