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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.
Idea behind Activity-Based Costing The most important ideas behind activity-based costing are as given as: Activities cause costs; activities involve ordering, ma
RC School District has a large number of students in need of remedial instruction. The superintendent of RC School System can allocated her budget between purchasing X units of re
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
XYZ Inc. plans to raise $5,000,000 external financing through issuing bonds, and is considering two options: regular bonds and zero couple bonds. The regular bonds will have coupo
The Accountant has also asked for you to assist in preparing the statement of financial position (balance sheet) for the Construction in Building partnership for the year ended 30
standard hours = 5000 standard wages = Rs.3/hr actual hours worked = 5600 hrs actual wages paid = 17920
Financial Accounting It is the analysis, and recording and classification of financial transactions and the ascertainment of how that information will be reported to the diffe
Sanderson Company has the following production data for March: no beginning work in process, units started and completed 28,030, and ending work in process 3,890 units that are 100
question and answer: XYZ trading purchased 6,850 killos of material at a total cost of 21,920.00. The material price variance was 1,370.00 favorable. The standard price per killo w
how can a poorly controlled budget cause problesm for a business?
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