--%>
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 : Annual report A company's annual report

      A company's annual report is the single most important way for it to convey itself to potential investors. As such, it should be no surprise tha

    		•
  • Q : Asset retirement obligation Significant

    Significant costs associated with the disposal of asset. Accounting for asset retirement obligations requires estimating the cost and discounting estimate. The present value added to the asset's depreciable base and a liability is recorded for the obligation. Every year, interest expense is added

    		•
  • Q : Contents of a partnership deed State

    State some contents of a partnership deed. Answer: A) Name of the firm.B) Name and complete address of the Partners.C) The date of formation and period of Partnership.D) Ratio in which gain or loss

    		•
  • Q : Reasons for favoring partnership deed

    Give reasons in favor of having a partnership deed. Answer: A) In situation of any dispute or doubt, Partnership deed is the gui

    		•
  • Q : Define Cost Accounting Cost Accounting

    Cost Accounting: The Cost accounting is an approach to evaluate the overall costs which are related with conducting business. It is generally based on standard accounting practices, cost accounting is one of the tools which managers u

    		•
  • Q : Analysis on Business Profile BUSINESS

    BUSINESS PROFILES:Go to the following webpage by clicking on the link or by copying and pasting the URL into your web browser:After opening the link, you will see a small cover page of the West Newsmagazine’s publication titled “Business Profiles&rdq

    		•
  • Q : Explain Dissolution 1) Dissolution ENDS

    1) Dissolution ENDS the partnership. a) Action of the parties: • By the expiration of a fixed term;• If entered

    		•
  • Q : Illustrate the general role of

    Briefly illustrate the general role of accounting?

    		•
  • Q : Provisional Entries Describe

    Describe Provisional Entries?

    		•
  • Q : Main purpose of the business Briefly

    Briefly describe the main purpose of the business?

    		•