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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.
What is an acceptable method of determining inventory cost under GAAP?
One can use FIFO, LIFO, or Average Costing as acceptable methods for accounting. Standard costing would be an unacceptable answer.
What is the disadvantages of standard costing?
What ARE the disadvantages of standard costing?
Material-Costing quantitative tools of Inventory management?
answer me the following question Material-Costing Quantitative tools of Inventory Management?
What are the tools and techniques of cost management?
Activity based Costing, Target costing, Just in Time,Total Quality Management,
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.
What is an acceptable method of determining inventory cost under GAAP?
One can use FIFO, LIFO, or Average Costing as acceptable methods for accounting. Standard costing would be an unacceptable answer.
What is the disadvantages of standard costing?
What ARE the disadvantages of standard costing?
What are the main features of standard costing system?
features of standard costing
How is standard costing variance interrelated?
http://www.futureaccountant.com/standard-costing-variance-analysis/ http://www.futureaccountant.com/standard-costing-variance-analysis/
Standard Costing Vs Variance Analysis?
standard costing and variance analysis
Compare Standard costing vs variance analysis?
Compare Standard costing vs variance analysis?"
Material-Costing quantitative tools of Inventory management?
answer me the following question Material-Costing Quantitative tools of Inventory Management?
What are the tools and techniques of cost management?
Activity based Costing, Target costing, Just in Time,Total Quality Management,
Define process costing its types features applications?
Job Order Costing Operation Costing Normal Costing Actual Costing Standard Costing Kaizen Costing Target Cost
Effectives of Standart Costing and Variance Analysis?
Standard costing and variance analysis is used to measure performance in the work place. It an?æeffective tool because it provides feedback to workers, and motivates people to work harder.?æ
Importance of standard costing?
A valuable management tool, standard costing is part of cost accounting. Rather than using actual costs for direct material, labor and manufacturing overhead, standard costs are used to easily track variances and estimate profit.Though actual costs are still paid, standard costing is often used for inventories and cost of goods sold. The difference between standard and actual costs are known as variances. These variances are what make standard costing such a valuable practice for management. Management can quickly become aware of changes in budgeted costs by tracking the variances.When standard costing is used, you will often hear the terms unfavorable or favorable variance. This refers to changes in actual costs in relation to planned or standard costs. A favorable variance takes place when actual costs dip below standard costs. Conversely, if actual costs rise above standards, the variance is unfavorable.In regards to manufacturing companies, standard costs would first be seen as individual parts or pieces of the finished product. This means that the final standard cost will be the sum of the standard costs of each of the individual pieces of the product.
