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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.
The president expects sales to increase by 12% next year. By how much should net operating income increase? Sales $2,000,000 Variable expenses 1,000
Application of zero base budgeting In the following areas ZBB may be applied: 1) redundant schemes may be discontinued 2) identify the duplicate schemes and merge them in
HGT Company initialized the accounting period with the following beginning balances: During the accounting period, the company purchased $60,000 of raw materials and ended
h. Production orders that had cost 450,000 to complete according to their job cost sheets were shipped to customers during the month. These goods were sold on account at 50% above
Private sector companies have multiple stakeholders who are likely to have divergent interests.( five stakeholder groups and discuss their financial and other objectives).
Objectives of ratio analysis 1) Measuring the profitability: we can measure the profitability of the business by calculation gross profit net profit expenses ratio and other.
importance of ratio analysis
11.1 Process Solutions provides a computer-based document processing service. The accountant has produced the following analysis. Standard Modified Advanced Sales quantity 1,000
What is kaizen Kaizen is the Japanese term for continuous improvement. The kaizen concept was pioneered by in Japan by Toyota as daily challenge to all its to improve their pro
The std cost of chemical mixture~PQ is as follows: 40% of material P @rs.400/kg 60% of material Q @rs.600/kg A std loss of 10% is normally anticipated in pdn. The followinng parti
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