IS STANDARD COSTING OBSOLETE? Department of Accountancy University of Kelaniya What is Standard costing? Standard costing is technique which establishes predetermined estimates of the costs of products and services and then compares these predetermined costs with actual costs as they are incurred. Management Accounting 2 What is Variance? The difference between a cost’s actual amount and its budgeted or planned amount Unfavorable cost variance Actual cost > Budgeted Amount Favorable cost
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Activity-based costing in restaurants 1. Introduction Interest in cost and management accounting practices in the restaurant industry is rising (Raab et al.‚ 2009; Annaraud et al.‚ 2008). Pavesic (1985) has initiated research in pricing and cost accounting for restaurants‚ introducing the concept of profit factor (PF) in menu engineering (ME). Prior studies‚ such as the one presented in Chan and Au (1998) investigate the implications of not incorporating overhead costs in menu-item profitability
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Date: July 29‚ 2013 To: Rubrics Corporation From: Group 1 RE: Activity-Based Costing and Management Objective and Purpose It is said that Rubrics Corporation is no longer satisfied with single direct cost driver‚ which is also called Traditional Volume-Based Product-Costing System‚ because it is not accurate. A shortcoming or overloading of cost occurs when they use Traditional Volume-Based Product-Costing System to calculate cost of producing four products: Widgets‚ Gadgets‚ Smidgets‚ and Smadgets
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John Albjerg Writing 122 Persuasive Essay Under population The effect of under population in the world is causing lack of people to replace those who die or retire with inability to continue working. Just done in the U.S. Census 83 countries and territories are now thought to experience below-replacement fertility. This basically means they won’t be able to replace the people who are dying or no longer able to work‚ these places take up roughly 44% of the world’s total population.
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Running head: ACTIVITY BASED COSTING CASE Activity Based Costing Case David Welch University of Phoenix Accounting Capstone ACC/594 Tom Myers February 1‚ 2010 The selection of the right cost calculation method is of critical importance when it comes to determining the real product profitability. Activity Based Costing is one approach that can be used. Activity based costing is a managerial accounting system that determines the cost of activities without distortion and provides management
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PROCESS COSTING-SINGLE DEPARTMENT INTRODUCTION In process costing system‚ a large number of homogenous products passed through several production departments where each department is responsible for one or more operations that bring a product one step closer to completion. In each department‚ materials‚ labor and overhead inputs may be needed and upon completion of a particular process‚ the partially completed goods are transferred to another process. SIMILARITIES AND DIFFERENCES OF JOB ORDER
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Throughout history‚ musicians and composers‚ who possess a unique musical talent‚ found themselves been employed under the patronage system and or freelance system. Up till the classical era‚ the only way musicians could support themselves is under the patronage system. They could be servants of aristocrats or servants of the church. Under the patronage system‚ musicians were employed as servants. As servants‚ they have very few rights; they cannot leave their jobs without asking for permission
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Chapter 4: Limiting Liberalism or Generous Germany? If we now have to start apologizing for showing a friendly face in response to emergency situations‚ then that’s not my country. - Angela Merkel. To repent for WWII floods of Syrians‚ Afghans and Iraqis have entered Germany‚ and there “…suddenly become an image of openness‚ generosity and solidarity.” (Godin‚ 2015). Following on from racist violence against Turks in the 1980s and early 1990s‚ there was the rise of the far-right anti-immigrant
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Case 5: UNDER ARMOUR 1.What is your assessment of the strength of competitive pressures stemming from rivalry among Under Armour‚ Nike and Adidas-Reebok? The Rivalry among competing sellers of sporting goods such as Under Armour‚ Nike‚ and Adidas-Reebok is strong and likely to intensify. The rivalry among sporting good sellers of energy will keep growing and will become stronger in coming years. Under Armour. Nike‚ and Adidas-Reebok have similar or competing product offerings and that
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The Soda Situation Adolescence‚ a time characterized by euphoria‚ independence‚ and a desire for instant gratification‚ can often be fueled by poor-decision making and a lack of proper judgement. In these habit-forming years‚ the simplest of choices‚ such as selecting a beverage‚ can have a life-long impact. Constantly driven by their appetite for instant pleasure‚ along with the widespread accessibility to sodas and sugary beverages‚ teenagers are using faulty judgement and selecting the unhealthy
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