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What is Standard costing
Standard cost is a predetermined cost. It is a determination in advance of production of what should be the cost. When standard costs are used for the purposes of cost control the technique is known as the standard costing. The costing terminology of chartered institute of management accountants London defines standard cost and standard costing as follows:
Standard costs the predetermined cost based on a technical estimate for materials labor and overhead for a selected period of time and for a prescribed set of working conditions.
The costing terminology of chartered institute of management accountants London defines standard cost as a predetermined cost which is calculated from management's standards of efficient operation and the relevant necessary expenditure.
Implementation of the Decisions Once alternative courses of action have been chosen, they must be implemented as part of the budgeting procedure. The budget is a financial plan
Conceptual understanding: defining in identifying relevant information Business application - Dave burgers is in the fast food restaurant business. One component of it's market
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Cash discount is given to buyers to bring them to make prompt payment. The credit terms identify the percentage discount and the period throughout which it is obtainable. Liberal c
Types of Factoring The factoring facilities can be largely categorized in four groups that are as follows: 1) Full service non-recourse (old line) 2) Full service rec
The least-cost method The process is described as follows: Assign as much as possible to the variable with the least unit cost in the whole tableau. (Ties are broken randomly).
Marginal cost or incremental cost pricing method: Here the company may work on the premise of recovering its marginal cost and getting a contribution towards its overheads. Thi
chapter 5 solution
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Viti Ltd, located in southern Viti Levu, manufactures a variety of industrial valves and pipe fittings that are sold to customers in the eastern states. Currently, the company is o
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