Concept of Variance Analysis
The term variance refers to the deviation of actual costs from standard costs due to a variety of factors. It is the study of deviations…
Accounting
Problems with Standard Costing
Standard costing is a predetermined cost that is calculated from management standards of efficient operations and the relevant necessary expenditure. It can be used as…
Advantages of Standard Costing
Standard costing offers managers several benefits that can help their business run more efficiently. Though most businesses no longer use standard costing in its original…
Standard Costing
Standard costing is the practice of substituting an expected cost for an actual cost in accounting records. It is an accounting system that uses predetermined…
Unit Banking
Unit banking has one office. Generally, limited banking services are offered to customers by a unit banking organizations. It is managed by its own governing…
Classification of the Materials Cost Variance
Classification of the Materials Cost Variance Variance analysis is a tool of budgetary control by evaluation of performance by means of variances between budgeted amount,…
Basic Features of Operating Costing
Basic Features of Operating Costing Operating costing is a method of ascertaining costs of those enterprises which provide services rather than manufacturing products. This method…
Cost Reconciliation Statement
Cost Reconciliation Statement A cost reconciliation statement is prepared on the same footing on which a bank reconciliation statement is prepared. It is a statement…
Integrated Accounting System
Integrated Accounting System Integral or Integrated system is a System of accounting under which only one set of account books is maintained to record both…
Equivalent Production Unit
Equivalent Production Unit An equivalent unit of production is an indication of the amount of work done by manufacturers who have partially completed units on…
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