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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words in the following sentences are adjectives‚ adverbs or none of these. (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) The French town has an interesting history. Akram said that he was sincerely sorry for misusing the tax fund. He ran fast. This is a fast car. You don’t look well today. She performed well. Our mission was to save the human race. We sometimes get confused. She rarely eats a big breakfast. This is an easy exercise. (05) (b) Select the correct answer for each of the following
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2.0 KAIZEN COSTING 2.1 What is Kaizen costing? Kaizen is a Japanese term that means continuous improvement. Kaizen events can be defined as making improvements through a process that emphasize small incremental amounts rather than large or radical improvement. Therefore in order to achieve this kaizen costing not include only continuous cost reduction but also continuous improvement of performance by increase the efficiency throughout the process. 2.2 Why we need Kaizen costing? Market prices
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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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Question Mark 1.Expand the following compound nouns:1.Weather report.2.Hairpin bend.3.Rubber pad.4.Fast food Mr.JA/ENG 2 2.Write a paragraph comparing and contrasting mobile phone and landline. Mr.JA/ENG 16 Cause & Effect Expression 1.1. A nail has pierced the Tyre. The essential commodities have become costlier. 2. Safety precautions were not observed. There were many accidents in the factory. 3. Many prefer private vehicles for commutations. It is over crowding in public transport. 4
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In this document I am going to explain the definition of cost and the difference between absorption costing vs. variable costing‚ and also if overproducing is an ethical practice or not. Also I will be showing some calculations and data to explain a get a better idea of this entire situation and how we can resolve some problems in management accountant. Cost is the monetary value of goods and services expended to obtain current or future benefits. The way that a cost will be used defines the way
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confined to a wheelchair‚ and had higher level severe cerebral palsy. Even then‚ he could completely comprehend what was going on around him. As soon as we met‚ he started blushing. He indicated that he wanted to play a game involving his book bag. Evan would act shy and laugh when I looked in his bag‚ gasped and dropped it (he had diapers and a change of pants)‚ something simple could make him laugh the hardest. Eventually our day was over and I felt changed. I learned so much from just my first day‚ I
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How would the following errors affect your calculated value of R? Explain your reasoning. If some air accidentally entered the eudiometer when it was transferred to the tall graduated cylinder‚ then the value of R would increase. This is because in my manipulated gas law equation‚ R=PVnT‚ volume is on top‚ in which if it’s value increases‚ then the value of R will also increase. And because volume is directly correlated by the how much gas is in the eudiometer‚ the more gas in the eudiometer‚ the
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Therefore‚ I would like to thank Him to give me such energy patience in order to continue my uninterrupted diligence over the industrial attachment. I would like to express my intense gratitude to the supervisors of my industrial attachment‚ Mr. Mazedul Islam Mazed ‚ Lecturer ‚Department of Textile Engineering‚ FSIT. Md. Jashim Uddin ‚Director‚ Polka Dots Fashion LTD.GM ‚ AGM ‚Technical Manager ‚ PO Polka Dots Fashion LTD for their solicitous contribution by co-operating me in each step of preparing
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Komatsu‚ Ltd. (A) Target Costing System Komatsu • • • • • • • Founded 1917 Takeuchi Mining Co.‚Komatsu Ironworks 1921 Komatsu‚ Ltd. 1991- International Firm Revenue Y989 bn NI Y31bn Construction Equipment‚ Industrial Machinery- Core Business. Electronics applied products – New Business : 80% • Rest from construction‚ unit housing‚ cheimcals‚ plastics and SW Development • 1989: “3G” : Growth‚ Globalisation and Group Diversification • 1995 : Exp Y 1.4 Tn; Worldwide production by 2000; Develop
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