Chapter 4 Standard Cost Learning Objectives * To understand the meaning of standard costing‚ its meaning and definition * To learn its advantages and limitations * To learn how to set of standards and determinations * To learn how to revise standards Introduction You know that management accounting is managing a business through accounting information. In this process‚ management accounting is facilitating managerial control. It can also be applied to your own daily/monthly
Premium Cost accounting Cost Costs
Meaning and Need for Budget Everyone is familiar with the idea of a budget because it is essential in every walk of our life – national‚ domestic and business. A budget is prepared to have effective utilisation of funds and for the realisation of objectives as efficiently as possible. Budgeting is a powerful tool to the management for performing its functions (i.e.‚ formulating plans‚ coordinating activities and controlling operations etc.) efficiently. CIMA London defines budget as‚ “A plan quantified
Premium Budget Cost Variable cost
Applied linguistics is an umbrella term that covers a wide set of numerous areas of study connected by the focus on the language that is actually used. The emphasis in applied linguistics is on language users and the ways in which they use languages‚ contrary to theoretical linguistics which studies the language in the abstract not referring it to any particular context‚ or language‚ like Chomskyan generative grammar for example. Interestingly even among applied linguists there is a difference of
Premium Linguistics
flexible budget is a budget statement that shows what the expected costs should have been for any level of output‚ so that the actual costs can be compared to planned costs for the output that was actually generated. In a flexible budget‚ the costs are separated into variable and fixed costs. The more information that is provided to explain variances in budgeted and actual amounts‚ the easier it is for management to make successful decisions about costs and expenses. A flexible budget classifies
Premium Budget Budgets
Question 1: Prepare a variance analysis report based on the information in Exhibit 1. Would this be sufficient to explain the profit shortfall to Norton at the 8 AM meeting? This revenue variance is positive and favorable. That means they made more than the budget. However‚ the variance amount of expenses was $342‚060‚ which was unfavorable. That means they spent more than what they had budgeted for. The perform a variance analysis report Jenkins calculated would not be sufficient in order to explain
Premium Management Revenue Variance
Applied Problems – Week 1 AP‐1: Which costs are pertinent to economic decision making? Which costs are not relevant? ©2009 McGraw‐Hill Irwin. Used with permission from the publisher. Brickley‚ J. A.‚ Smith‚ C. W.‚ & Zimmerman‚ J. L. (2009). Managerial economics and organizational architecture (RQ 2‐1‚ p. 56). Boston: McGraw‐Hill Irwin. AP‐2: Textbook – Chapter 1‚ Applied Problem 2 (p. 32) AP‐3: Textbook – Chapter 2‚ Applied Problem 1 (p. 83) AP‐4: Textbook – Chapter 2
Premium
Applied Sociology Ethan W. Miller Dr. Shenk April 2014 Applied Sociology As every college student beginning there career in college everyone comes in with different dreams and aspirations. Some students enter universities already knowing what they want to-do. Some students have an idea‚ but are maybe haven’t quite narrowed down there choices yet. While others have no clue and are open to all the possibilities that there institution has to offer to them. As we move through
Free Sociology
Flexible Budgets Team ACC/543 Professor Deborah Fitzgerald Thomas University of Phoenix 2010 Team B‚ You have done a great job on the assignment. I have noted some minor issues to help you on future assignments. Abstract The purpose of this paper is to give an overview of the budget process. It analyzes flexible budgets‚ discusses the relationship between fixed and variable cost‚ explores the differences between static and flexible budgets‚ and how budgets assist in the cost-volume-profitability
Premium Costs Variable cost Cost
The time in hours was recorded for each student in the study. The following date are provided in the date set training: Course Completion Time(hours) for Current Training Method 76 76 77 74 76 74 74 77 72 78 73 78 75 80 79 72 69 79 72 70 70 81 76 78 72 82 72 73 71 70 77 78 73 79 82 65 77 79 73 76 81 69 75 75 77 79 76 78 76 76 73 77 84 74 74 69 79 66 70 74 72 Course Completion Time(hours) for Proposed
Premium Prime number Student
BANGLADESH BUDGET Growth: the world economy was close to a collapse due to the recent Global economic crisis. However‚ the global economy has turned around and recovered from recession faster than expected. The process and pace of recovery‚ however‚ varied in different regions of the world. In the recovery process‚ the developing Asian economies made remarkable strides. According to the latest forecast‚ the world economic growth is expected to reach 4.2 percent in 2010 whereas it shrank to
Premium Monetary policy Central bank Macroeconomics