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Behavioural Aspects of Standards
Budgets and Standards rely heavily on the people who have to work to meet them. Since the detailed nature of standard costing and its involvement along with foremen and production workers, communication is crucial. Production workers frequently view performance review along with a lot of suspicion, whether a cost-conscious, positive attitude is to be developed, after that close attention must be granted to the behavioral aspects of the system. In shortly, variance analysis is often not considered via those being evaluated like a neutral objective and purely technical process. This is since it has subjective and human aspects that in turn affect the employees' behaviour in the organization: These are discussed under the given headings as:
Shirley and Ken are in partnership, trading in the construction industry. The year end for the partnership business is 30 June. You are the Assistant Accountant and have been as
Vince's Pizza delivers pizzas to dormitories and apartments near a major state university. The company's annual fixed costs are $48,000. The sales price averages $9, and it costs t
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 thoro
XYZ Co. manufactures automation machinery according to customer specifications. The company is relatively new and has grown each year. XYZ Co. operated at about 75% of practical
When firms enter into loan agreements with their bank it is very common for the agreement to have a restriction on the minimum current ratio the firm has to maintain. So, it is imp
Types of Standard Costs The standard cost set could be ideal, basic, attainable or current. i. Basic Standards: These are long term standards that would keep unchanged ov
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how do you calculate estimating cost for the last of the year based on activity during the first half of the year
Vintage Auto Company manufactures parts to order for antique cars. Vintage Auto makes everything from fenders to engine blocks. Each customer order is treated as a job. Vintage Aut
The principle that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash and (3) m
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