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Accounting For Managers - Cost Estimation And Control-Standard Costing And Variance Analysis

Introduction and Learning Objectives of Standard Costing And Variance Analysis

   Posted On :  03.05.2018 11:36 pm

During the evolutionary stage of costing, the focus was only on the determination of actual cost

Introduction

 
 
During the evolutionary stage of costing, the focus was only on the determination of actual cost i.e. The main activity of the cost accountants was determining the actual cost of production. This resulted in the non-availability of cost control measures to the management. Standard costing was developed by cost accountants to meet these contingencies.
 

Learning Objectives

 
 
After reading this lesson the reader should be able to;
 
 
ՖՖ                    Know the meaning of standard costing
 
ՖՖ                    Understand the advantages of standard costing system
 
ՖՖ                    Understand the different kinds of variances with special reference to material variance and labour variance
 
ՖՖ                    Understand the reasons for these variances
 
ՖՖ                    Realize the importance of variance analysis
 
 

 

Tags : Accounting For Managers - Cost Estimation And Control-Standard Costing And Variance Analysis
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