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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.
Functional Classification of Costs Beneath this classification, costs are classified according to the function they execute in an organization. Costs can functionally be clas
Marginal Costing and Marginal Cost Marginal Costing is an optionally method of costing to absorption costing , In marginal costing, merely variable costs are charged like a
advantages and disadvantages of uniform costing
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Cost Accounting advantage and features
Co-ownership incentive scheme or Profit Sharing Schemes The organization permits for ownership whereby the employees are permitted to own a percentage of the shares in the fir
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