Research Provider you can trust
TODAY and TOMORROW!
Service Features
  • 275 words per page
  • Font: 12 point Courier New
  • Double line spacing
  • Free unlimited paper revisions
  • Free bibliography
  • Any citation style
  • No delivery charges
  • SMS alert on paper done
  • No plagiarism
  • Direct paper download
  • Original and creative work
  • Researched any subject
  • 24/7 customer support

Discuss how standard costing is used in management planning and control systems!

Title: Discuss how standard costing is used in management planning and control systems!
Category: /Business & Economy/Accounting
Details: Words: 452 | Pages: 2 (approximately 235 words/page)
Discuss how standard costing is used in management planning and control systems!
Standard costs, flexible budgeting, and variance analysis--all are vital components of an effective cost accounting system. Standard Costs are predetermined costs that are usually expressed on a per-unit basis; they are target costs, costs that should be attained. One can think of a standard as a budget for a single unit. Standard costs are the building blocks of a flexible budgeting and feedback system (the comparison of actual performance with planned performance). Since the company's …showed first 75 words of 452 total…
You are viewing only a small portion of the paper.
Please login or register to access the full copy.
…showed last 75 words of 452 total…actions in terms of labour, material, machines or money so that planned outcome conforms to actual outcome. Another possibility is to adjust the planned budget according to the altered requirements. The entire process is known as "system-feedback-loop", and it indicates that planning and control process is dynamic and that a standard cost system can support the management decision making process by discovering better ways of adhering to standards, of altering standards, and of achieving objectives.

Need a custom written paper?