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What are some of the problems associated with the standard costing system?
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Distinction between standard costing and actual costing?
Standard costing is process of determining the standard price require to produce one unit of product while actual costing system uses the actual prices of manufacturing one unit of product.
How the budgeting process in an organisation benefits a functioning standard costing system?
Standard costing is an easy way to assign costs to products. With an easy approach, organizations can create and plan budgets easier.
6 Differentiate between Standard Costing and Budgetary Control?
Distinction Between Standard Costing And Budgetary ControlAlthough budgetary control and standard costing both are based on some common principles; both are pre-determined, comparison will be made with the actual costs and both system need a revision of the standards or the budget, these two systems have certain differences which are as follows: 1. Budgetary control deals with the operation of a department or the business as a whole in terms of revenue and expenditure. Standard costing is a system of costing which makes a comparison between standard costs of each product or service with its actual cost.2. Budgetary control covers as a whole in terms of revenue and expenditures such as purchases, sales, production, finance etc. Standard costing is related to a product and its cost only.3. Budgetary control is applicable to utmost all business organizations. Standard costing is applicable to manufacturing concerns producing standard products and services.4. Budgetary control is concerned with a specific period and is based on the totals of amounts. Standard costing is concerned with the standard costs, which are worked out generally per unit of production.5. Budgetary control is not based on standard costing system. Standard costing cannot exist in the absence of a budgetary control system.Posted Syeda Humaira Fatima
Why do you need product costing system?
needs of product costing system
Why do some companies find it difficult to use or inappropriate to implement a standard costing system?
A company that makes a variety of highly individualized and specialized made-to-order goods, using a variety of inputs, would find it more difficult to inplement standard costing than would a company that makes a simple, highly stardardized product. Standard costing can also be inappropriate when the cost of inputs fluctuates wildly.
What are the main features of standard costing system?
features of standard costing
Distinction between standard costing and actual costing?
Standard costing is process of determining the standard price require to produce one unit of product while actual costing system uses the actual prices of manufacturing one unit of product.
How the budgeting process in an organisation benefits a functioning standard costing system?
Standard costing is an easy way to assign costs to products. With an easy approach, organizations can create and plan budgets easier.
6 Differentiate between Standard Costing and Budgetary Control?
Distinction Between Standard Costing And Budgetary ControlAlthough budgetary control and standard costing both are based on some common principles; both are pre-determined, comparison will be made with the actual costs and both system need a revision of the standards or the budget, these two systems have certain differences which are as follows: 1. Budgetary control deals with the operation of a department or the business as a whole in terms of revenue and expenditure. Standard costing is a system of costing which makes a comparison between standard costs of each product or service with its actual cost.2. Budgetary control covers as a whole in terms of revenue and expenditures such as purchases, sales, production, finance etc. Standard costing is related to a product and its cost only.3. Budgetary control is applicable to utmost all business organizations. Standard costing is applicable to manufacturing concerns producing standard products and services.4. Budgetary control is concerned with a specific period and is based on the totals of amounts. Standard costing is concerned with the standard costs, which are worked out generally per unit of production.5. Budgetary control is not based on standard costing system. Standard costing cannot exist in the absence of a budgetary control system.Posted Syeda Humaira Fatima
Why do you need product costing system?
needs of product costing system
What are the problems associated with interconnected power system?
Inter connected power system
What are human health problems associated with the thinning of the ozone layer?
The health problems associated are:Skin cancerEye cataractSuppression of immune system.
Why do some companies find it difficult to use or inappropriate to implement a standard costing system?
A company that makes a variety of highly individualized and specialized made-to-order goods, using a variety of inputs, would find it more difficult to inplement standard costing than would a company that makes a simple, highly stardardized product. Standard costing can also be inappropriate when the cost of inputs fluctuates wildly.
What is another name for absorption costing?
Full costing system
If you were a candy manufacturer which costing system should you use full absorption costing or variable costing?
full absorption costing
What is a responsibility costing system?
responsibility costing is a costing which enable us to know which department is responsible for what
What are problems associated with a multi-party system?
divisionism among masses
