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STANDARD COSTING
STANDARD COSTING is a method, which uses standards for costs and revenues for the idea of control by variance analysis. It can be used either through operations or processes or with exact order type of cost accounting system.
A STANDARD COST is described as 'a pre-determined calculation of how much costs should be under exact working situations. It is built up from the assessment of the value of cost elements and associated technical qualifications and specifications of materials, labour and other costs to the prices and / or wage rates expected to apply throughout the period in which the standard cost is intended to be used.
Classification of Labour Costs This can be classified into like: a) Indirect or Direct cost b) Variable or Fixed cost c) Non controllable and controllable cost a)
What are the missing amounts for the below amortization table, given the following information? - A firm borrows $100,000 from a bank. - The terms of the loan require the f
manufacturing costs will not include a. indirect material used b. sales salaries expense c. indirect labor costs d. depreciation of factory equipment
types of computerized packages .its cost .features size of the business is intended to service
. Which of the following is a reason why traditional product costing techniques have become obsolete in a lean operating environment? a. More complex accounting is required in a le
You have just been assigned to replace the current Project Manager for a very important project. You were provided a WBS for the project planning that had already been conducted,
explain advantages of marginal costing
Under the average cost method the average cost of goods held in stock is recalculated after each receipt. An issue after the receipts is made at the recalculated average prices. A
The sales revenue line demonstrates the amount of sales earned throughout the different level of activities. It can be observed that between zero and somewhere between activity B a
The level of activity at which total revenues eqivalent total costs. A point at which there is no profit and no loss.
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