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Relevant Costs and Decision-Making
The relevance of costs will depend upon the purpose for that they are being utilized. Relevance is related to future decisions. The relevance of costs in decision-making is concerned to where they are ignorable in relation to the decision made or whether they are not avoidable; in that case they will stay irrespective of the decision taken. Therefore relevant costs in decision-making are said to be incremental and future costs relating to the decision to be made. If they will result in a difference then costs are incremental as like an example of avoidable costs result in reduced costs if they are ignored. Future costs are those costs that have not now been incurred that are they are not committed costs or sunk costs.
Motivation - Behavioural Aspects of Standards Variance analysis and standards setting requires to be carried out like it motivates managers and other employees. It should not
Important Points Regarding to the Variance Analysis Variance reporting concentrates on both with favourable and unfavourable variances. Normally unfavourable variances are pun
for the year ended31st dec 2008manufacturing accountshowing costof row material,manufacturing expenses and the cost of goods manufactured& tradind account where stock of row mater
Standard Cost It is especially serious that you establish a link between standard budgets and costs. At this point, you require putting in your mind to standard costs one the
Win Corporation sells a single product. Budgeted sales for the year are anticipated to be 609,725 units, estimated beginning inventory is 107,791 units, and desired ending inventor
Variable Overhead Variance (VOHV) VOHV is defined by ICMA, London, as 'the variation between the standard variable production overhead absorbed in the production achieved, whet
actual cost
a company has the budget for manufacturing overhead based on direct labor hours. budgeting at 10,000 direct labor hours are as follows. Variable costs= 160000 Fixed Costs
format of manufacturing,tradind,p/l a/c
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.
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