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Fixed Budgeting
The master budget discussed before is a fixed budget.
A fixed budget is defined via as:
1. Just one level of activity
2. Not adjusted to reflect real activity level when change happens
A fixed budget has the given limitations as:
1. It gives little assistance at the planning stage. It does not provide implication of different alternative strategies that management may wish to consider.
2. It fails to give relevant and reliable base against that to measure real performance where real activity differs from the budget.
3. Little motivation to management to employ the budgeting control system like a control aid.
Under which inventory costing method could increases or decreases in income from operations be misinterpreted to be the result of operating efficiencies or inefficiencies?
The costs that are fixed irrespective of manufacture are fixed costs. EX: Rent, Depreciation. Fix cost is those cost who not alter in any time whether the production done or not
Standard Costs Establish the Minimum Desirable Costs When actual costs incurred exceed or else are below the standard costs, we after that investigate the variances along with
Budgeted direct labour cost 75000 hours @ $16 per hour Budgeted manufacturing overhead 80 000 hours @ $17.50 per hour Actual direct labour cost $997 500 Budgeted manufa
problem 16-53 solution
advantages and disadvantages of uniform costing
Material Costs - Cost Accumulation However 'Materials' refer to the tangible inputs into the procedure of producing useful output. They might be indirect materials or direct
Bases of Cost Classification These various bases of cost classification are summarized in the diagram underneath as: Here, we will usually refer to either of these ter
Inventory, Supplies and Prepaid Expenses You can well understand the requirements for carrying inventory. So as to carry on operations unhindered we require to have sufficien
preparation of costsheet
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