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Standards in Standard Costing
1) The type of standard utilized basic, attainable, ideal, current directly affects the level of the variances that can arise, and the meaning that can be attached to the variances. As an example: negative or unfavourable variance will be taken more seriously whether it is registered utilizing a current and attainable standard than when it is registered utilizing basic or ideal standards.
2) Standards for the similar cost can vary from organization to organization depending on the level of efficiency desired via the management. Hence standards are extremely subjective. What is a matter also of management opinion?
3) The accuracy of the standards set depends on the accuracy of the forecasting prices, activity level, and wage and so on of the tam setting those standards. If the team is excellent in forecasting skills after that the standards set are probable to be error free and vice versa.
Assume that you are the purchaser of the building at the end of the construction period, and you have paid the developer an amount which gives you a 7% annual return on net revenue
standard hours = 5000 standard wages = Rs.3/hr actual hours worked = 5600 hrs actual wages paid = 17920
Martinez Corporation engaged in the following cash transactions during 2012. Sale of land and building $186,710 Purchase of treasury stock 42,130 Purchase of land 39,130
1) Define Elasticity. If you have a product where elasticity is less than one, what does that mean? Is it good, bad for the firm? 2) Why will firms not shut down as soon as th
In an application of a hand-held clinical thermometer for the National Health Service it is required to use disposable temperature sensors and digital read out of temperature betwe
Flexible budgeting is a reporting system wherin the
Prod 400000 DM cost $3 DL 24 moh v 1.80 F 4.50 products 35000 DMP12000lb@$11/lb DM use10450lb DL38500HR 880500 v moh64150 FMOH152000
what is cost
1. The table below gives data for Southland where there are three consumption goods: bananas, coconuts and grapes. Goods Quantity in base period basket
Gustav Ltd commenced operations on 1 July 2011 and presents its first statement of comprehensive income for the year ending 30 June 2012 and first statement of financial position a
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