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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.
what is cost
Ass ume that during April, the job cost sheet for Job 206 showed the following: Dept. A Dept. B M
examples of industries using this method
Q. A firm's total cost function is given by TC = 2Q 2 + 10. What are the firm's fixed cost, variable cost, average fixed cost, average variable cost, and marginal cost functions?
The following information has been prepared for XYZ Ltd by their assistant accountant. The risk free rate of interest on government securities in 2008 is 7.3% Required:
Hello, I am writing a report about a contemporary management accounting issue, and i can''t really seem to understand the guidelines well. What kind of topic can i use to write a
This can be explained as the process of accumulating, calculating, analyzing, interpreting and reporting cost information that is both helpful and relevant to the internal and exte
Now along with the illustration of Ramsons at hand, this is not tough for us to understand that Ramsons have invested the 'money to make money'. Where has Ramsons invested the mone
what is a cost sheet? what are its advantages?
what are the classifications of labour costs? what is employee psyche?
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