Explain why standard costing systems are adopted.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (17 reviews)
Standard costing ...View the full answer
Answered By
Sandip Nandnawar
I am a B.E (Information technology) from GECA and also have an M.C.M from The University of RTMNU, MH.
I worked as a software developer (Programmer and TL). Also working as an expert for the last 6 years and deal with complex assessment and projects. I have a team and lead a team of experts and conducted primary and secondary research. I am a senior software engg and senior expert and deal with all types of CSE and IT and other IT-related assessments and projects and homework.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Cornerstones of Managerial Accounting
ISBN: 978-0324660135
3rd Edition
Authors: Mowen, Hansen, Heitger
Question Posted:
Students also viewed these Managerial Accounting questions
-
Standard costing systems are helpful to managers, as they provide signals of poor quality or exceptional performance. Using standard costs on a management-by-exception basis can help managers to...
-
Why did traditional costing systems base allocations on a single companywide cost driver? Compare and contrast traditional costing systems with other modern costing systems. Be sure to include pros...
-
Explain the additional journal entries required by process costing systems that are not needed in job order costing systems.
-
An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 43 hours during the week. Assume that the FICA tax rate is 7.5%...
-
Erin's basis in her Kiybron partnership interest is $3,300. Erin receives a distribution of $2,200 cash from Kiybron in complete liquidation of her interest. Kiybron is an equal partnership with the...
-
Use Lemma 7.33 and give an alternative derivation of the result of Lemma 8.10. Data From Lemma 7.33 Data From Leema 8.10 7.33 Lemma. Let (X,,F)o be a Feller process with a right continuous...
-
How is $t$ test conducted for two independent samples?
-
During the current year, Ross Corporation purchased a warehouse for $45,000, paid $1,000 dividends, sold land for $7,900, and issued $25,000 of common stock. All of these were cash transactions. Show...
-
You have a credit card with an APR of 21%. The terms of your agreement say that your minimum payment is 3% of your balance or $25, Whichever is greater." You buy a computer for $375. If you make only...
-
You decided to run an experiment - improve current CTA on the in-app pricing page (1 experimental variation and one control group). Each month the pricing page is seen by 16,000 users. 800 of those...
-
What are ideal standards? Currently attainable standards? Of the two, which is usually adopted? Why?
-
How does standard costing improve the control function?
-
For the year ended December 31, 2009, Kava Company has implemented an employee bonus program equal to 4% of Kavas net income, which employees will share equally. Kavas net income (pre bonus) is...
-
A lecturer teaching in a language school wants to compare the performance of students in two classes he is teaching: one in the morning and the other in the afternoon. Which test should be used by...
-
Which graphs can be used to visualize the distribution of each c group when sample sizes in each of the groups is large?
-
Explain the meaning of regression sum of squares and error sum of squares.
-
Find a suitable set of state variables, derive the state-variable equations, and form the state equation. \(\left\{\begin{array}{l}2 \ddot{x}_{1}+4 \dot{x}_{1}-2 \dot{x}_{2}+x_{1}-x_{2}=F_{1}(t) \\...
-
Explain how simple linear regression equations help in making business decisions.
-
To obtain the regional network configuration using network optimization models, a manager needs material cost, inventory holding cost, and transportation cost. volume of stock, ordering cost, and...
-
Horse serum containing specific antibody to snake venom has been a successful approach to treating snakebite in humans. How do you think this anti-venom could be generated? What are some advantages...
-
Virgin Trains (VT) has included a cafeteria car on the passenger train it operates. Yearly operations of the cafeteria car have shown a consistent loss, which is expected to persist, as follows: The...
-
Smithson Company uses a job-order costing system and has two manufacturing departments Molding and Fabrication. The company provided the following estimates at the beginning of the year: During the...
-
Valenko Company provided the following account balances for the year ended December raw materials are used in production as direct materials): Selling expenses................ 215,000 Purchases of...
-
Selected T-accounts for Rolm Company are given below for the just completed year: Required: 1. What was the cost of raw materials put into production during the year? 2. How much of the materials in...
-
An analysis of the activities needed to produce each product has been conducted. In addition, estimates have been developed. These are in the table below. Match the OH rate with the activity for each...
-
Service business 1. You are required to form a small business (Service business) 2. Explain the name and nature of the business, location, mission and objectives of the company. Assume the business...
-
Cost of utilities Cost per month (In dollars) $20,000 4. The cost of utilities depends on how many wards the hospital needs to use during a particular month. During months with activity under 2,000...
Study smarter with the SolutionInn App