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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.
Conceptualizing Job Costing Start to develop an understanding of job costing by thinking about the simple illustration. Jack Castle owns an electrical constricting company, Cas
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behabioural aspect of standard costing on budget
Given the below information, what are the values for COGS and ending inventory for each costing method below? Number of Units Price per Unit
Controllable and Non Controllable Costs Controllable costs can be influenced on the level of authority at that they are being analyzed when non-controllable costs cannot.
The project (using the tools and techniques given in Chapters 3, 8, 10, 11, and 12 of the textbook) and its subsequent report are based on the complete economic analysis of a compa
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1. The table below gives data for Southland where there are three consumption goods: bananas, coconuts and grapes. Goods Quantity in base period basket
What are the importance of cost classification
Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as they prepare and issue financial statemnents. Let's start by getting an understanding of
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