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Standards in Standard Costing
1) The type of standard utilized basic, attainable, ideal, current directly affects the level of the variances that can arise, and the meaning that can be attached to the variances. As an example: negative or unfavourable variance will be taken more seriously whether it is registered utilizing a current and attainable standard than when it is registered utilizing basic or ideal standards.
2) Standards for the similar cost can vary from organization to organization depending on the level of efficiency desired via the management. Hence standards are extremely subjective. What is a matter also of management opinion?
3) The accuracy of the standards set depends on the accuracy of the forecasting prices, activity level, and wage and so on of the tam setting those standards. If the team is excellent in forecasting skills after that the standards set are probable to be error free and vice versa.
Material Cost Control Therefore Materials form an important cost of output units and that should be controlled. Material Control is more than merely recording the accounting
You are the manager of a firm that sells output at a price of $40 per unit. You are interested in hiring a new worker who will increase your firm's output by 2,000 units per year.
The level of activity at which total revenues eqivalent total costs. A point at which there is no profit and no loss.
TYPES OF VARIANCES Variances are computed for the entire three basic elements of cost - direct labour, direct material, and overhead variance 1. Direct labour variance 2.
Link between Financial and Cost Books The link among the two sets of books is achieved via operating a cost ledger control account and a financial ledger control account. Cos
Accounting for Job Order Costing 1. Direct Labor Dr W.I.P. Control Account Cr Cash Account 2. Accrued Direct Wages Dr W.I.P. Control Account Cr Wages
Shortflower Ltd currently publishes, prints and distributes a range of catalogues and instruction manuals. The management has now decided to discontinue printing and distribution a
Total profit means the total revenue excluding the total cost of the certain products. Average profit defines the profit which comes and achieved after selling each unit. Total
What are the distinguishing characteristics of these types of stock- describe any one of them. What is the difference between par value, book value and market value of stock? Expla
behavioral aspect of standard costing
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