Download or read book Standard Costing Variance Analysis and Decision Making written by Alexander Berger and published by GRIN Verlag. This book was released on 2011-07-12 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Direct Standard Costs for Decision Making and Control written by Wilmer Wright and published by . This book was released on 1962 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Principles of Accounting Volume 2 Managerial Accounting written by Mitchell Franklin and published by . This book was released on 2019-02-14 with total page 746 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Costing Methods for Decision Making written by Tacis Technical Dissemination Project and published by . This book was released on 1997 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Updating Standard Cost Systems written by Carole B. Cheatham and published by Praeger. This book was released on 1993-03-24 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new manufacturing environment requires new cost-accounting systems as well as new technology. While some authorities have advocated installing new and untried systems, the authors of this book recommend updating the standard cost system which 85 percent of manufacturing firms have in place. Updating the present system can achieve greater benefits in terms of providing information to managers for decision making. It also allows the organization to avoid disruption to the corporate culture and the cost associated with a new system. The authors show how standard cost systems can be redesigned to measure factors recognized to be important in today's manufacturing environment such as quality, production levels, and throughput. They demonstrate how standard cost systems can foster continuous improvement through dynamic rather than static standards. After examining characteristics of the new manufacturing environment and benefits of upgrading the cost system, ways to update the traditional standard cost system are discussed. Revisions include a unique input-output method of variance analysis, specific metrics related to manufacturing performance, ways to identify cost drivers, and use of dynamic standards. The authors demonstrate how to redesign the information-gathering and reporting system as new manufacturing procedures are put in place. They discuss ways that marketing activities are affected and how to plan plant and equipment expenditures in an automated environment. This book is directed primarily towards accountants and managers needing to improve informational content of accounting data for decision-making purposes. It should also be beneficial to any person within the business firm who either supplies data of this type or uses it, such as project analysts, controllers, managers, and even management trainees. Academicians teaching cost and managerial accounting as well as those teaching production management and financial decision-making courses should find it beneficial as a text supplement or as a primary text in courses dealing with current problems in today's changing manufacturing environment.
Download or read book Budgeting Basics and Beyond written by Jae K. Shim and published by John Wiley & Sons. This book was released on 2008-12-03 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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!
Download or read book Accounting For Decision Making written by Dr. P. Megaladevi and published by Thakur Publication Private Limited. This book was released on 2021-03-03 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: Buy E-Book of Accounting For Decision Making Book For MBA 1st Semester of Anna University, Chennai
Download or read book Accounting for Managerial Decision Making written by Don T. DeCoster and published by John Wiley & Sons. This book was released on 1978 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Standard Costs and Variance Analysis written by National Association of Accountants and published by Institute of Management Accountants. This book was released on 1974 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Cost Accounting written by Ralph S. Polimeni and published by . This book was released on 1991 with total page 1156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Managerial Accounting for Strategic Decision Making Preliminary Edition written by Charles E. Davis and published by John Wiley & Sons. This book was released on 2010-10-18 with total page 751 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book An Introduction to Accounting for Decision Making and Control written by Edward L. Summers and published by McGraw-Hill/Irwin. This book was released on 1974 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Advanced Cost Accounting Cost System Costing Techniques and Responsibility Accounting written by Dr. M. G. Mulla and published by Success Publication . This book was released on 2023-08-01 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: Costing Techniques and Responsibility Accounting in business employ methods to allocate and control costs, evaluating performance based on responsibilities, promoting accountability, and informed decision-making.
Download or read book Handbook of Cost Management written by Roman L. Weil and published by John Wiley & Sons. This book was released on 2005-05-31 with total page 866 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Cost Management, Second Edition covers all of the essential topics in cost management and accounting. It includes conventional topics, such as job costing and cost allocation, as well as such current topics as balanced scorecard, economic value added, logistics and marketing cost, theory of constraints, inter-organizational costing, and the cost of quality.
Download or read book Decision Making for Business Finance and Strategic Management Accounting written by Sian Eaton and published by Pearson UK. This book was released on 2020 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book How to Apply Standard Costing to Overhead written by Consta Holtzhausen Mba Fcca Bsc (Hons) and published by Independently Published. This book was released on 2024-04-02 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to Apply Standard Costing to Overhead: A Practical Guide for Managers and Accountants is an essential resource for professionals in both manufacturing and service sector seeking to understand and implement standard costing systems. Authored by Constance Holtzhausen, a seasoned chartered accountant and business consultant, this handbook offers a pragmatic approach to mastering standard costing. It covers a wide range of topics, including the foundational concepts and benefits of standard costing, detailed steps, and procedures for setting up and maintaining standard costs, and thorough variance analysis and reporting for materials, labour, and overhead. The book is designed to be accessible and informative, providing complete solutions to case studies and exercises that demonstrate the application of standard costing in various scenarios. Readers will learn how to address common problems and challenges in standard costing practice, making it an invaluable tool for students, managers, accountants, and consultants alike. Holtzhausen' expertise shines through the pages, offering best practices and tips for successful implementation of standard costing methods. With its clear and easy-to-follow content, the handbook serves as a powerful aid in enhancing business performance and profitability through effective cost control and decision-making. It is not just a theoretical guide; it is a practical manual that equips readers with the skills and knowledge necessary to use standard costing as a strategic tool in the competitive world. For those looking to deepen their understanding of standard costing and its impact on manufacturing processes, this handbook is a must-have. It promises to be a guide that not only educates but also empowers readers to make informed decisions and drive efficiency in their operations. Embrace the opportunity to learn from a comprehensive handbook that offers complete solutions to elevate your standard costing practices. Secure your copy today and take the first step towards optimising your manufacturing and service costs for better business outcomes.
Download or read book Budgeting and Decision Making written by and published by Bookboon. This book was released on with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:
