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Standard Cost is the pre determined cost, calculated from the management’s standards of efficient operation…
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The process of Standard Costing involves the following stages:…
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It provides a yardstick for measuring the efficiency or inefficiency in performance….
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Practically it is difficult to establish standard costing, Frequent revision of standards is costly…
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Budgetary Control is the limit on the expenditure above which expenses should not exceed whereas Standard Costing…
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Direct material cost: Setting the standard cost for direct material involves two stages…
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Following stages are involved in setting overheads cost:…
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The process of standard costing involves the establishment of standard costs and computation of actual cost…
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The pre-requisites for reporting the variances effectively are as follows:…
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The common methods used for analyzing the fixed overheads variances are:..Overhead cost Variance...
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Material cost variance : It is the difference between the actual material cost and standard material cost. It is further divided into: …
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