Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Standard Cost and Standard Costing
To effectively control the costs of a certain organization, we require a yard stick to measure the real performance against. Traditionally, most organizations are identified to employ the previous period costs as the yardstick. But however the fast changing business environment of the world businesses operate in today, managers always determine that the previous period's performance is not a suitable yard stick to measure the next and future periods' performance against. This is why mainly organizations develop standard costs.
Therefore standard cost is a yardstick such measures how well the organization has achieved its set objectives. This easy definition standard cost implies that a standard cost is developed minimally for performance evaluation and cost control reasons. Therefore a standard cost has to be developed in advance before the real performance to be measured begins; for this purpose, a standard cost is a predetermined costs based on specific assumptions, the reader has to appreciate the fact is a standard costs is a mere estimate of expected costs under specific conditions. From the above discussion, a standard costs clearly comes out like a cost set before the actual cots are in fact incurred. Therefore some scholars refer to it like the "cost level that must be" under acceptable, attainable performance situations. Others refer to standard costs like carefully predetermined costs of production utilized as a basis for comparison and measurement.
how to treat an increase in output on marginal costing
KIW Ltd currently orders Material B in batches of 2,500 kgs. Material B is consumed at a steady, known rate over the company's planning horizon of one year. The current usage is 40
LaNora White received her accounting degree in 1992. Since graduating, she has obtained significant experience in a variety of job settings. Her skills include auditing, income and
how does idle capacity effect cost behavior patterns and factory overhead application methods
what is the procedure of purchase of materials in large organisation?
Your client has asked you to provide guidance on the following potential accounting changes: (1) Change from straight-line method of depreciation to sum-of-the-years'-digits (2) Ch
Determine the Single Limiting Factor A company manufactures and sells three products as A, B and C. The unit cost and revenue structure for every product and its maximum forec
Sleep Corporation was organized on January 1, 2011. During its first year, the corporation issued 40,000 shares of $5 par value preferred stock and 400,000 shares of $1 par value c
On January 1, 2012 Morgan's Motors issued $500,000 of 3-year, 8% bonds when the market yield was 6%. The bond agreement stated that compounding was semi-annual with payments due on
Break-Even Calculations As they say, a picture is significance a thousand words, and this is undoubtedly true for the CVP graphic just presented. Though, everyone is not an art
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd