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LIMITATIONS OF STANDARD COSTING
1. It may be very difficult to fix standards for all operations.
2. Incorrect standards may result in wastage of money and time.
3. Standards must be reviewed from time to time, if not reviewed, they lose relevancy.
4. It pre assume determination of actual costs.
Opportunity Costs Are Relevant Costs Opportunity cost introduces an additional concept that is not available like part of normal cost analysis in the accounting record system.
what is the equivalent unit for materials? if the cost of normal lots units are absorbed by the units transferred out to the next department the work in process- beginning (60% com
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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
MARGINAL COSTING AND DIFFERENTIAL COSTING 1. Differential costing can be used both in case of marginal costing and absorption costing. 2. In case of marginal costing
A company produces three types of items. A single machine is used to produce the three items on a cyclical basis. The company has the policy that every item is produced once during
Analysis of stockholders equity: Star Corporation issued both common and preferred stock during 19X6. The stockholders' equity sections of the company's balance sheets at the
Find Out the Cost per Unit Material A is added at the start of a production process. Overheads and Labor are added continuously throughout the production process. At the endi
BEP- Break Event Point: It shows no Loss and no Profit The level of activity at which, total revenues equivalent total costs. A point at which there is no profit and no loss.
Visual Fit Method of Cost Estimation Cost estimation is based on past data regarding the dependent variable and the cost driver. The previous data on cost levels and the outpu
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