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Variance Analysis and Standard Costing
Standard costing is defined with CIMA like a technique that uses standards for revenues and costs for the purpose of control via variance analysis. CIMA defines a standard costs also. We will restrict ourselves in this text, to CIMA's definition of a standard cost
Standard cost is defined like 'predetermined calculation of how much costs must be beneath specified working situations.
Standard variance and costing analysis is a technique used with management accountants in the implementation of their service in the areas of control and planning, decision making to management in the given ways:-
Uniform Costing It is a general system utilizing agreed concepts, standard and principles accounting practices adopted via different entities in the similar industry to ensure
ASSUMPTIONS OF BREAK EVEN ANALYSIS 1. Fixed costs for all time remain constant. 2. All costs are divided into fixed and variable costs. 3. Selling price will not alter de
A Government issued a number of index-linked bonds on 1 June 2000 which were redeemed on 1 June 2002. Each bond had a nominal coupon rate of 3% per annum, payable half yearly in a
A company manufactures a single product. Estimated cost data regarding this product and other information for the product and the company are as follows: Sales price per unit Rs.2
What are the key reasons for product cost differences among traditional costing system and ABC systems? Explain four decisions for which ABC information is useful?
There are different activities undertaken through a business that prove to be either source or use of cash. These can be categorizes under three broad categories that are: investin
MARGINAL COSTING IS PREFERRED TO ABSORPTION COSTING IN DECISION MAKING WHY
why is determining the cost to manufacture a product quite a different activity from determining how to control such cost?
Factory Overhead Budget This budget represents the forecasts of each the production variable and fixed and semi-variable overheads to be incurred throughout the budget period.
Bedovin Company manufactures office tables and chairs using the job order cost system
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