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Standard costing System has the following main advantages or benefits:
1. The process in itself often discloses inefficiencies, because the setting of standards requires a thorough analysis of all cost functions.
2. The process of setting standards forces management to plan efficient and economical operations.
3. Standard costs establish clearly defined lines of cost responsibility and authority.
4. Standard costs are likely to be an important aid to management in obtaining acceptable job performance by providing a clear idea as to what constitutes acceptable performance.
5. Variances between actual performance and standard costs facilitate control through the application of the principle of exception.
6. Faster reporting of operating data is possible; the shortened time between action and the availability of control information helps management to prevent the development of unfavorable cost trends.
Bases of Cost Classification These various bases of cost classification are summarized in the diagram underneath as: Here, we will usually refer to either of these ter
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1. A company is considering a project that requires an initial investment of $100 million and will pay $20 million of each of the next 10 years, and nothing thereafter. The company
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