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Standard Costing, Variance Analysis and Decision-Making

Standard Costing, Variance Analysis and Decision-Making PDF 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.

Standard Costing, Variance Analysis and Decision-Making

Standard Costing, Variance Analysis and Decision-Making PDF 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.

Principles of Accounting Volume 2 - Managerial Accounting

Principles of Accounting Volume 2 - Managerial Accounting PDF 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.

Budgeting Basics and Beyond

Budgeting Basics and Beyond PDF Author: Jae K. Shim
Publisher: John Wiley & Sons
ISBN: 0470454350
Category : Business & Economics
Languages : en
Pages : 450

Book Description
If the very thought of budgets pushes your sanity over the limit, then this practical, easy-to-use guide is just what you need. Budgeting Basics and Beyond, Third Edition equips you with an all-in-one resource guaranteed to make the budgeting process easier, less stressful, and more effective. Written by Jae Shim and Joel Siegel, the new edition covers Balanced Scorecard, budgeting for nonprofit organizations, business simulations for executive and management training, and much more!

Accounting For Decision Making

Accounting For Decision Making PDF Author: Dr. P. Megaladevi
Publisher: Thakur Publication Private Limited
ISBN: 9354800823
Category : Education
Languages : en
Pages : 294

Book Description
Buy E-Book of Accounting For Decision Making Book For MBA 1st Semester of Anna University, Chennai

Tools for Enterprise Performance Evaluation

Tools for Enterprise Performance Evaluation PDF Author:
Publisher: Bookboon
ISBN: 8776815757
Category :
Languages : en
Pages : 45

Book Description


Managerial Accounting

Managerial Accounting PDF Author: Jerry J. Weygandt
Publisher:
ISBN: 9781118196687
Category :
Languages : en
Pages : 672

Book Description


Management Accounting

Management Accounting PDF Author: Anthony A. Atkinson
Publisher: Prentice Hall
ISBN: 9780131732810
Category : Managerial accounting
Languages : en
Pages : 0

Book Description
AUDIENCE: For upper level undergraduate and MBA Management Accounting courses. APPROACH: Atkinson is a managerially-oriented book that focuses on both quantitative and qualitative aspects of classical and contemporary managerial accounting. COMPETITORS: Garrison, MH;

Managerial Accounting for Strategic Decision Making, Preliminary Edition

Managerial Accounting for Strategic Decision Making, Preliminary Edition PDF Author: Charles E. Davis
Publisher: John Wiley & Sons
ISBN: 047092649X
Category : Business & Economics
Languages : en
Pages : 751

Book Description
Business professionals that need to gain a stronger understanding of key accounting concepts will appreciate this book’s approach. It focuses on the core concepts framed within the context of one company, C & C Sports and its supply chain. Through this example, they’ll learn fundamentals of how a business operates along with the type of decisions that managers must make on a daily basis. Focus On mini chapters incorporate streamlined, complete coverage of certain topics. Reinforcing examples and exercises are also included to enable business professionals to assess their level of understanding before progressing to more advanced discussions.

Budgeting and Decision Making

Budgeting and Decision Making PDF Author:
Publisher: Bookboon
ISBN: 8776814920
Category :
Languages : en
Pages : 124

Book Description


Managerial Accounting

Managerial Accounting PDF Author: Kurt Heisinger
Publisher:
ISBN: 9781453345276
Category : Managerial accounting
Languages : en
Pages : 646

Book Description