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ADVANTAGES OF STANDARD COSTING
1. It offers a yardstick for measurement of performance.
2. It helps 'Management by Exception'.
3. It allows the management to focus more on those activities and expenses, which indicate high favorable or adverse variances, that saving lot of time and expense.
4. It offers motivation for achieving high performance.
5. It offers an opportunity for continuous re-appraisal of the methods of production, use of material, production design, etc, leading to cost reduction and establishing new standards.
6. It is economical and easier to operate.
7. It can be used as an aid to budgeting.
8. It removes wastages by detecting variances and suggesting corrective measures for them.
These should be distinguished from estimated liabilities. Estimated liabilities are identified liabilities where the amount is uncertain. Contingent liabilities conversely are not
Stages of Implementation of Zero Based Budgeting 1. Definition of decision package. It is the comprehensive description of the organizations activities or functions.
DEFINITION OF BUDGET As per the Institute of Cost & Management (ICMA), London, a BUDGET is 'a quantitative statement and / or financial, prepared and approved prior to a defin
Develop costing for the production units to explain the manufacturing expenses that the proposed product will require for the first year of production. This portion requires the fo
Shubenacadie Inc. is currently considering a project with a 5-year life that it believes has the potential to return the company to profitability. Based on the results from a marke
Material Costs Material refers to each physical input into the production procedure. They involve the giving as: Raw material refers to bought in material that is used
Describe the concept of full cost recovery with illustrative examples.
Apportionment of Overheads Apportionment of overheads occurs whereas the net value of an overhead item is shared among more or two cost centers that employ the overheads. Th
Cost accounting as a descriptive or analytical discipline
What is cost accouting
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