Standard cost, Cost Accounting

Standard Cost

A predetermined cost is representing the ideal or norm achievable through an organization. Standard costs form the basis of a standard cost system used extensively in manufacturing industries.  At the starting of each year neither the organization normally review standards for material price and usage, wage rate, labor efficiency and overhead rates based on budgets.

Posted Date: 10/16/2012 7:19:14 AM | Location : United States







Related Discussions:- Standard cost, Assignment Help, Ask Question on Standard cost, Get Answer, Expert's Help, Standard cost Discussions

Write discussion on Standard cost
Your posts are moderated
Related Questions
1. The bank added another company's deposit to our account. This would be included on the bank reconciliation as a(n). a) addition to the balance per books. b) subtraction from the

Factors affect Decision Making These decisions need consideration of factors as like A. The level of market possible to be available in future B. The strategy that compe


Overhead Cost Analysis and Classification Overhead costs may be analyzed into a) Which that may be directly identifiable along with a single cost center, as an  example of,

Profit Analysis and Cost Volume or CVP Analysis CVP Analysis checks the relationship between profit, activity level and the cost. CVP Analysis assists in a broad range of p

Process Costing It is a costing method, which is applied wherever there are standard operations along with continuous production of homogeneous as identical units. Consequentl

A company started with $0 in direct materials, purchased $5,000 of materials, and ended with $300 in materials. Direct labor equaled $4,000. The applied overhead for the period was

L I M I T A T I O NS OF STANDARD COSTING 1.     It may be very difficult to fix standards for all operations. 2.     Incorrect standards may result in wastage of mo


Overhead Variances This explains how the variable overhead total variance and the fixed overhead total variances calculated. You can recall the overheads refer to production c