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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.
Presented below is a list of terms relating to cost behavior, followed by definitions of those terms: a. Rent on a factory building b. Engineering approach c. Fixed cost
A company wishes to devise a fair means of allocating funds to its four main departments, namely Accounts, Production, Sales and Transport. The total allocation is to be £100,000.
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REPORT ON SATYAM
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Fixed Costs Are costs such do not change along with of the level of output? It is also named as autonomous cost, as it stays the similar irrespective of the activity level as
reasons for standard costing card
A bicycle plant runs two assembly lines, A and B. 96.9% of line A's products pass instruction, while only 93.8% of line B's products pass inspection. 70% of the factory's bikes com
Determine Profit by Using Absorption Costing Assuming the fixed overhead absorption rate was Ksh.3 per litre, then what would be the profit utilizing absorption costing? a)
Period Costs Some terms are difficult to define. In one school of thought, period costs are the any costs that are not product costs. But, such a description is a stretch, beca
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