Briefly describe the two types of standards on which a standard cost system relies.
Answer to relevant QuestionsHow do the terms standard and budget relate to one another and how do they differ? Explain how a manager might make a trade-off between the direct materials price and the direct materials quantity variances. When preparing a company’s flexible budget, which manufacturing cost(s) will change as the volume increase or decrease? Which manufacturing cost(s) will not change as the volume changes? Why are incentive systems that emphasize long term performance more consistent with a balanced scorecard approach!Explain the difference between screening decisions and preference decisions.
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