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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.
10) Mike Taylor, the owner of Tennessee River Boat Rentals, is estimating the cost of operating his boat rental company next year. He expects to have 450 rentals during 200Z. The f
We have earlier explained working capital by total current assets less current liabilities. It, in other words, implies that all the assets held through the business along with the
Principles of Marginal Costing The principles of marginal costing are as given: 1. Period fixed costs are similar, for any volume of sales and production provided suc
Describe the meaning of the fixed production overhead variances calculated under the standard absorption costing system and talk about their usefulness to the management of X Ltd.
Cost Behaviour "Profitability is only around the corner." This is a general expression in the business world; you might have heard or said this yourself only. But, the reality
what is cost
Critically evaluate the product costing and pricing practices actually in use in modern manufacturing organisations inany of the three countries in the Asia Pacific region, prefera
9. When in the management process do managers seek an answer to the question "Did we meet our cost-reduction goals for non-value-adding activities?" a. Planning b. Performing c. Ev
Atlanta Company stock is expected to follow an exponential growth rate. The relationship between the current stock price P0, future price PT after time T, and the continuously comp
The Clash Company uses Normal Job-Order Costing in its individual production department. Overhead is applied to jobs by a predetermined rate, which is depend on machine hours. Th
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