--%>
Assignment Help - homework help

Explain Standard Costing

Standard Costing: A costing technique which joins costs to cost objects based on reasonable approximations or cost studies and by the means of budgeted rates instead of according to actual costs incurred. The predictable cost of generating a unit of output. A predetermined cost to be allocated to products generated. The standard cost entails a norm, or what costs must be. Standard costing might be based on either absorption or direct costing principles, and might apply either to all or a few cost elements.

   Related Questions in Managerial Accounting

  • Q : Things which Strengths comprises Write

    Write a brief note on the things which Strengths comprises?

    		•
  • Q : Significance of partnership deed Why is

    Why is it significant to encompass a partnership deed in writing? Answer: Partnership deed is significant as it is a document stating relationship of each and every

    		•
  • Q : Industry and your accounting place How

    How have you observed the regulations which affect both your industry and your accounting place?

    		•
  • Q : Bonds payable A form of long-term debt

    A form of long-term debt that appears  in the liabilities section of the balance sheet. A company sells bond as a way to borrow large amount of cash. The buyer pays for the bond and receives regular interest payment, annually or semiannually, for the duration of

    		•
  • Q : What is Service What do you mean by

    What do you mean by Service: It is an intangible product or task rendered directly to a client or customer.

    		•
  • Q : Information that a manager need to make

    What is the various information that a manager need to make a decision?

    		•
  • Q : Define Cost Avoidance Cost Avoidance :

    Cost Avoidance: The action taken to decrease future costs, like replacing parts before they fail and cause harm to other portions. Cost avoidance might incur higher (or extra) costs in the short run however the final or life-cycle cost would be lower.

    		•
  • Q : Define Actual Cost Actual Cost : It is

    Actual Cost: It is the amount (sum) determined on the basis of cost acquired involving standard cost appropriately adjusted for the applicable variance.

    		•
  • Q : Why most of the larger businesses are

    Why most of the larger businesses are not managed as the single unit through one manager?

    		•
  • Q : What is Cost Finding Cost Finding :

    Cost Finding: Cost finding methods generate cost data by analytical or sampling techniques. Cost finding methods are suitable for certain type of costs, like indirect costs, items with costs underneath set thresholds in the programs,

    		•