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LIMITATIONS OF STANDARD COSTING
1. It may be very difficult to fix standards for all operations.
2. Incorrect standards may result in wastage of money and time.
3. Standards must be reviewed from time to time, if not reviewed, they lose relevancy.
4. It pre assume determination of actual costs.
Material Costs - Cost Accumulation However 'Materials' refer to the tangible inputs into the procedure of producing useful output. They might be indirect materials or direct
A manufacturing company wants to package its product in a rectangular box with a square base and a volume of 32 cubic inches. The cost of the material used for the top is $.05 squa
actual cost
Differentiate between Multiple Products, Selling Costs and Margin Management
Development and Research Cost Budget These are costs that are discretional in nature such as they are determined on need basis via the managers concerned. Research cost is the
A company started with $0 in direct materials, purchased $5,000 of materials, and ended with $300 in materials. Direct labor equaled $4,000. The applied overhead for the period was
Kaplan Computers manufactures high end computer systems for the graphics design industry. At the present time, the company makes three computers with the following characteristics
Limitations of Budgeting 1. Too mush reliance may reason resistance or inflexibility to change. 2. Difficult to set levels of attainment. It may result into too tight budg
what are the advantages and disadvantages of marginal costs plus a fixed lump-sum fee?
list and discus the problem encountered in adopting profit as a yardstick in measuring performance
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