Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Standard Cost and Standard Costing
To effectively control the costs of a certain organization, we require a yard stick to measure the real performance against. Traditionally, most organizations are identified to employ the previous period costs as the yardstick. But however the fast changing business environment of the world businesses operate in today, managers always determine that the previous period's performance is not a suitable yard stick to measure the next and future periods' performance against. This is why mainly organizations develop standard costs.
Therefore standard cost is a yardstick such measures how well the organization has achieved its set objectives. This easy definition standard cost implies that a standard cost is developed minimally for performance evaluation and cost control reasons. Therefore a standard cost has to be developed in advance before the real performance to be measured begins; for this purpose, a standard cost is a predetermined costs based on specific assumptions, the reader has to appreciate the fact is a standard costs is a mere estimate of expected costs under specific conditions. From the above discussion, a standard costs clearly comes out like a cost set before the actual cots are in fact incurred. Therefore some scholars refer to it like the "cost level that must be" under acceptable, attainable performance situations. Others refer to standard costs like carefully predetermined costs of production utilized as a basis for comparison and measurement.
ANGLE OF INCIDENCE CHART
In January 2012, the management of Stefan Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the fol
Bull Bay Ltd. Manufacturers two types of surfboard, "Winner" and "Surf King", whose selling prices are $300 and $900 respectively. Each surfboard passes through two manufacturing d
Example of Contract Account A company has been awarded a contract to build a house. It is a contract Number 45 for the company and the contract price is shs.2.65 millio
A statement of changes in working capital assists us in locating where such changes took place. In the first example we try to demonstrate the increase or decrease in particular it
Suppose that $4 million is available for investment in three projects. The probability distribution of the net present value earned from each project depends on how much is invest
Tony Allan Inc is a small manufacturer of metal products in Toronto. The company rents its factory building. It uses a job order costing system because it has a wide variety of p
Distribution and Selling Cost Budget This is the forecast of all costs incurred in distributing and selling the company's product throughout the budget period. This is closel
We consider two regions A and B. Each market has the same size (i.e. number of consumers) but differs in the willingness to pay for one unit of the good proposed by the firm. On ma
Role f marginal costing in management information system
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd