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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.
Role of Cost Accounting in Business Management The system is a set of interdependent parts that together form a unitary whole such performs some functions. A number of sub sys
Suppose the Danny can prepare 50 pizzas or 100 sandwiches in an hour and Steve can produce 15 pizzas or 9 sandwiches. a) Draw each individual's PPF. b) Calculate the oppor
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
Service Cost Centres Since no production cost units pass via the service cost centers, it is essential to apportion the service department costs; to the production cost center
Morrow Company applies overhead based on direct labor hours. At the beginning of the year, Morrow estimates overhead to be $620,000, machine hours to be 180,000, and direct labor h
Smart Ltd ha sa unit selling price of $500 variable costs per unit of $325 and fixed costs of $140 000. Calculate the break even point in units using (a) a mathematical equations a
Behavioral Classification of Costs Definition Cost behavior refers to the change in costs as increase or may decrease like the output level changes that are like we risin
how do I apportion
After you have studied this section, you should be capable to: know the idea of funds flowing by a business in a dynamic situation understand the role of working capital
Relationship among variances We cannot over emphasize the central aim of variance analysis as outlined in the above paragraphs: that is to assign responsibility for a particu
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