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 COSTING AND BUDGETARY CONTROL
In practice, the terms standard cost and budgeted cost might be used interchangeably. Whereas it is possible to have budgeting without standard costs, it is not possible to have standard cost system without total cost budgeting system.
Standard costing and budgetary control are interlinked items. Once standard cost has been determined and is relatively easy to compute budgets for production costs and sales and, when actual figures differ from expected standards, to calculate variances, to provide a basis for control reporting.
A standard cost is an average predictable unit cost. It is set using the best available estimates and cannot be expected in practice that actual results will conform to standard. Variances must therefore be expected to fluctuate randomly within normal limits. Such random fluctuations need no investigation and tolerance limits are set (investigate only those variances which exceeds Sh.x or y% of the standard cost).
Standard costing is appropriate in any situation where the same resources are used over and over again in the same way. It is therefore particularly appropriate for manufacturing businesses producing large numbers of identical items, especially where the same operations are combined in different ways to produce different products. It also has applications in service businesses that involve repetitive operations.
Installing a standard costing system entails designing an information system that can collect and analyze details about activities in such a way that the standards can be set and applied. In effects this means collecting quantitative data about the use of resources.
It is a commitment by a bank to lend a specific amount of funds on demand identifies the maximum amount of unsecured credit the bank will allow the customer to borrow at any time.
differentiate between multiple product , selling cots and margin management
How marginal costing would improve the problems faced in absorption costing on manipulation of profits.
You are required to provide a report of approx 500 words or less (excluding attachments and references), accompanied by relevant calculations, in MS Word, MS Excel and/or PDF forma
Financial manager's role in inventory management The techniques of inventory management are very useful in determining the optimum level of inventory and finding answers to the
#quesXERCISE 3-15 Departmental Overhead Rates [LO1, LO2, LO3] Diewold Company has two departments, Milling and Assembly. The company uses a job-order costing system and computes a
I am part of a marketing group, and we are working on a project for a local cable company,they currently serve 3,200 customers and sell 50 wireless boxes a month,what I need to do
Calculate Transfer Price - Management Control System? Question: Compute the Transfer Price for Product X and Y and the Standard Cost of Product Z as the intra company pricing r
Classification and computation of variances The computation and analysis of variances is the main aim of standard costing. The variance is the difference among the standard pe
using the operating cycle and any financial management knowledge discuss the applicability of such cycle to poultry business in Uganda (consider broilers)
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