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Author: Alexander Berger Publisher: GRIN Verlag ISBN: 3640956281 Category : Business & Economics Languages : en Pages : 39
Book Description
Research Paper (undergraduate) from the year 2011 in the subject Business economics - Accounting and Taxes, grade: 63%, University of Sunderland, course: Management Accounting and Control, language: English, abstract: This report is divided into two parts. The first part will explain how a standard costing system works and how a variance analysis is used properly. Furthermore, the statement “Standard Costing and Variance Analysis are appropriate to any type and size of organisation” will be critically evaluated. The second part determines factors, which must be considered in the decision-making process. In addition, four scenarios of decisions will be provided and analysed. One of the main objectives of an organisation is to minimise the cost of production and to control the costs as they are limited resources within a business (Gupta, 2010). Management accounting literature provides several tools in order to achieve these objectives. In this context, the system for collecting and reporting revenue and cost information by areas of responsibility is called responsibility accounting (Siegel & Shim, 2006). It is based on the assumption that managers should be held responsible for their performance. A well-designed responsibility accounting system integrates responsibility centers within the organisation. In addition, responsibility centers are units within the organization, which have control over costs and revenues (Siegel & Shim, 2006). There are different types of responsibility centers such as profit centers, investment centers, revenue centers and cost centers. In the following report, the focus is on cost centers. Here, a variance analysis based on standard costing is a performance measure of a cost center (Siegel & Shim, 2006). In addition, a standard costing system is a useful tool facilitating decision-making.
Author: Alexander Berger Publisher: GRIN Verlag ISBN: 3640956281 Category : Business & Economics Languages : en Pages : 39
Book Description
Research Paper (undergraduate) from the year 2011 in the subject Business economics - Accounting and Taxes, grade: 63%, University of Sunderland, course: Management Accounting and Control, language: English, abstract: This report is divided into two parts. The first part will explain how a standard costing system works and how a variance analysis is used properly. Furthermore, the statement “Standard Costing and Variance Analysis are appropriate to any type and size of organisation” will be critically evaluated. The second part determines factors, which must be considered in the decision-making process. In addition, four scenarios of decisions will be provided and analysed. One of the main objectives of an organisation is to minimise the cost of production and to control the costs as they are limited resources within a business (Gupta, 2010). Management accounting literature provides several tools in order to achieve these objectives. In this context, the system for collecting and reporting revenue and cost information by areas of responsibility is called responsibility accounting (Siegel & Shim, 2006). It is based on the assumption that managers should be held responsible for their performance. A well-designed responsibility accounting system integrates responsibility centers within the organisation. In addition, responsibility centers are units within the organization, which have control over costs and revenues (Siegel & Shim, 2006). There are different types of responsibility centers such as profit centers, investment centers, revenue centers and cost centers. In the following report, the focus is on cost centers. Here, a variance analysis based on standard costing is a performance measure of a cost center (Siegel & Shim, 2006). In addition, a standard costing system is a useful tool facilitating decision-making.
Author: Colin Drury Publisher: ISBN: 9781861524331 Category : Languages : en Pages : 0
Book Description
Standard costing is the foundation upon which much management accounting and budgetary practice rests, yet it is often misunderstood. In this book Colin Drury sets out the nature and scope of standard costing whilst clearly identifying its limitations. The calculation and interpretation of the full range of cost accounting variances is covered, together with the formal analysis of the decision to investigate variances. The way in which standard costing information is recorded in the accounts is also dealt with in depth, as this step is essential to a full appreciation of the role of standard costing. Finally, the usefulness of traditional standard costing techniques in a modern production environment is assessed.
Author: V. Rajasekaran Publisher: Pearson Education India ISBN: 9788131732076 Category : Cost accounting Languages : en Pages : 836
Book Description
The book sets a new standard for cost accounting textbooks. It aims at equipping students with a solid grounding in the concepts of cost accounting. With rich pedagogy and an easy-to-understand approach, it meets the specific requirements of the undergraduate students of different Indian universities. This book can also be useful for the students of CA, CS, MBA and ICWA level of Indian universities.
Author: Riad Izhar Publisher: Oxford University Press, USA ISBN: 9780198328230 Category : Business & Economics Languages : en Pages : 516
Book Description
An updated edition to cover the requirements of the 2000 A Level specifications. This book is also useful as an introduction to professional accounting courses. Numerous examples and exercises.
Author: Mitchell Franklin Publisher: ISBN: 9781680922943 Category : Languages : en Pages : 746
Book Description
A less-expensive grayscale paperback version is available. Search for ISBN 9781680922936. Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today's college student. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the "why" as well as the "how" aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization.
Author: Constance Holtzhausen Publisher: Independently Published ISBN: 9781651302132 Category : Languages : en Pages : 0
Book Description
In today's manufacturing industry, direct material costs can be the most significant expense, but labour cost is typically the next most significant expense of a manufacturing business, or any business, perhaps even the biggest expense. It can be devastating not to maintain a standard costing system, without which businesses cannot accurately establish the costs of their products.The Manufacturing Standard Costing Practical Handbook is aimed at all persons from the fields of controlling, production engineers and who are involved in determining standard costs for products. stress-relief management.
Author: Robert S. Kaplan Publisher: Harvard Business Press ISBN: 9780875847887 Category : Business & Economics Languages : en Pages : 380
Book Description
Cost and Effect is written for the general manager, and explains activity-based costing systems. It focuses on creating integrated, knowledge-based systems that provide managers with meaningful information, not just data.
Author: Dr. B. K. Mehta Publisher: SBPD Publications ISBN: 9388724933 Category : Business & Economics Languages : en Pages : 295
Book Description
Cost Accounting 1. Cost Accounting—Meaning, Importance and Evaluation, 2. Elements of Cost and their Classification, 3. Materials Control and Valuation, 4. Labour Cost Control, 5. Expenses/Overheads, 6. Overheads—Machine-Hour Rate, 7. Single or Unit or Output Costing, 8. Calculation of Tender Price or Quotation Price, 9. Production Account or Manufacturing Account, 10. Contract Costing, 11. Process Cost Accounting, 12. Reconciliation of Cost and Financial Accounts. Management Accounting 1. Business Budgeting, 2. Budgetary Control, 3. Marginal Costing and Absorption Costing, 4. Break-Even-Point or Cost Volume Profit Analysis, 5. Standard Costing and Cost Variance Analysis, 6. Decision Accounting and Marginal Costing System. SYLLABUS Unit I : Introduction : Meaning, Objectives and Advantages of Cost Accounting, Difference between Financial, Cost and Management Accounting, Cost Concepts and Classifications, Role of Cost Accountant in an Organization. Unit II : Elements of Cost (a) Materials : Material/Inventory Control-Concept and Techniques, Accounting and Control of Purchases, Storages and Issues of Materials, Method of Pricing of Material Issues—FIFO, LIFO, Simple Average, Weighted Average, Replacement, Standard Treatment of Material Losses. (b) Overhead : Classification, Allocation, Apportionment and Absorption of Overhead. Unit III : Methods of Costing : Unit Costing-Preparation of Statement of Cost, Cost Sheet and Quotations, Contract Costing, Process Costing-Process Losses, Joint and By-products, Reconciliation of Cost and Financial Accounts. Unit IV : Budgeting and Budgetary Control : Concept of Budget and Budgetary Control, Objectives, Merits and Limitations, Types of Budgets—Sales Budget, Production Budget, Material Budget and Cash Budget, Fixed and Flexible Budget. Unit V : Standard Costing and Variance Analysis : Meaning of Standard Cost and Standard Costing, Advantages, Limitations and Applications, Variance Analysis—Meterial and Labour. UnitVI : Absorption Versus Variable Costing : Distinctive Features and Income Determination. Cost-Volume Profit Analysis : Break-even Analysis, Contribution/Sales Ratio, Margin of Safety, Angle of Incidence. Decision Making—Shut Down or Open, Import or Production, Price Determination, Key Factor—Material, Make or Buy.
Author: Alexander Berger
Author: Alexander Berger
Author: Colin Drury
Author: V. Rajasekaran
Author: Riad Izhar
Author: 
Author: Mitchell Franklin
Author: Dutta
Author: Constance Holtzhausen
Author: Robert S. Kaplan
Author: Dr. B. K. Mehta