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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.
As the Junior Bank Clerk of a business, one of your monthly tasks is to prepare the bank reconciliation statement. At the month ending 31 January 2012, the bank statement has be
Vorticella can first be seen by the naked eye, b.ut to study it place a prepared slide under the microscope. Focus it under low power, and observe it. You can see a large number of
Cost accounting as a descriptive or analytical discipline
Mission Foods produces two flavors of tacos, chicken and fish, with the following characteristics: Chicken Fish Selling price per taco $3.00 $4.50 Variable cost p
weekly working hour 48 , hourly wage rate 15$ , price rate per unit 6$ , normal time taken per piece 36 minuets , normal output per week 220 pieces , actual output per week 275 pie
Controllable and Non Controllable Costs Controllable costs can be influenced on the level of authority at that they are being analyzed when non-controllable costs cannot.
1. Wrangle Corporation stock sells at a price of $80 a share and the riskless rate is 7%. Calculate the price of a 9-month call option on Wrangle stock with an exercise price of $7
PROFIT VARIANCES Sales variances are important as they have a direct bearing on profits earned by the organization. thus, they can be used as the basis of determining profit
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.
HOW APPLICABLE IS THE MARGINAL COSTING CONCEPT IN ACCOUNTING
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