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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.
Absorption Costing and Marginal Costing Product costs are costs identified along with goods produced or purchased for resale. That costs are initially identified like part of
behavioral aspect of standard costing
Contract Costing It is a form of exact order costing, which is applied to relatively large cost units that normally get a considerable length of time to complete as an example
BEP- Break Event Point: It shows no Loss and no Profit The level of activity at which, total revenues equivalent total costs. A point at which there is no profit and no loss.
High-Low method of cost estimation and Number of Photocopies as the cost driver, what would be the resulting cost equation for Maintenance Costs?
what is cost center?
The enhancing qualitative characteristic of understandability means that information should be understood by a those who are experts int eh interpretation of financial informat
Devprop Leasing Co.is an industrial property development company, that typically develops warehouse and industrial complexes in new or underdeveloped areas, operates these complexe
A college currently measures its performance by comparing the actual costs against its budgeted costs for the year.Now that the college is facing increased competition from Various
Example of Batch Costing The budgeted variable overheads of a company for the year of 2001 are as given as: Department Overhead (shs.)
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