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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.
Financial manager's role in inventory management The techniques of inventory management are very useful in determining the optimum level of inventory and finding answers to the
Operating Cycle Method In this way, total operating expenses for a period are divided via the number of operating cycles in the relevant period to compute the cash need for wor
Working capital is a necessary requirement for any type of business activity. Banks in India nowadays constitute the main suppliers of working capital credit to any type of busines
Types of Costs In short run, costs can be of three general kinds: Fixed Cost: Total fixed costs stay constant as volume differs in the relevant range of production. Fixe
Q. What is Pricing under decline stage? Pricing under decline stage: under this stage sales are at their highest point. He should reduce the price if necessary taking the compe
Explain Direct labor cost standard The setting up of standard labor cost for each product would require: a) The determination of budgeted fixed overhead for a period b) B
What is traditional costing In traditional costing overheads are first related to cost centers (production and service centres) and then to cost object, i.e. production. ABC o
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What story or character in a story generated what Aristotle calls a "catharsis?" Describe your emotional response. What specifically caused your emotional response?
Frontier Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Frontier Sports is owned and operated by Wally Schnee, a well-known sports enthus
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