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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.
Workmen shoes accumulated the following production and cost data for the past 5 months. i) Using the high/low method calculate the variable cost per unit and the fixed cos
Accounting for Job Order Costing 1. Direct Labor Dr W.I.P. Control Account Cr Cash Account 2. Accrued Direct Wages Dr W.I.P. Control Account Cr Wages
Activity Based Costing or ABC Absorption costing shows to be relatively straightforward way of adding overhead costs to units of production utilizing, more often than not, a v
CVP applications
The difference among "cost accounting" and "financial accounting are terms demote to the accounting techniques used internally by a company's management to explain the costs of run
Reasons for Cost Allocation 1. To provide comparison along with externally provided services: It helps in assessing where to continue the contact or service outsiders. 2.
Candler Inc a computer software development firm has stock outstanding as follows: 40,000 shares of $2 nonparticipating, noncumulative preferred stock of $10 par, and 250,000 share
A local government authority owns and operates a leisure centre with numerous sporting facilities, residential accommodation, a cafeteria and a sports shop. The summer season lasts
The following information is available for the automotive division of Ford Motor Company for 2009. The company uses the LIFO inventory method.
Morrow Company applies overhead based on direct labor hours. At the beginning of the year, Morrow estimates overhead to be $620,000, machine hours to be 180,000, and direct labor h
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