Which One Of The Following Is Not An Advantage Of A Standard Costing System?

Fourthly a standard costing system may be used to assess the performance and efficiency of staff and management. Fourthly a standard costing system may be used to assess the performance and efficiency of staff and management. 2 It provides a more realistic assessment of a companys results than absorption costing. A Measuring efficiency b Facilitates cost control c Determination of variance d All of the above 12 Which of the following is not a functional budget. A A lot of input data is required which can be expensive. B Standard costing is usually confirmed to organizations whose processes or jobs are repetitive. Assignable deviation d randomized mean.

B Standard costing is usually confirmed to organizations whose processes or jobs are repetitive.

If costs remain within the standards Managers can focus on other issues. Fourthly a standard costing system may be used to assess the performance and efficiency of staff and management. The MNC can use the intelligence of foreign scientists and engineers. Criticism on Standard Costing. I Since Standard Costing involves high degree of technical skill it is therefore costly. Last but not least cloud computing gives you the advantage of rapid deployment.

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Which one of the following is not an advantage of a standard costing system?. I Since Standard Costing involves high degree of technical skill it is therefore costly. 2 It provides a more realistic assessment of a companys results than absorption costing. Often the technology developed overseas can be transferred back to the home country.

C Budgeting may be said to be the art of building a budget. A standard costing system assumes that costs do not change much in the near term so that you can rely on standards for a number of months or even a year before updating the costs. Although the amount of time taken depends on what kind of technologies are used in your business.

3 It is unaffected by changes in production levels. The following criticism is levelled against standard costing. Standardized deviation e normal distribution.

The alleged disadvantages of Standard Costing are. Correlation c standardized mean. However in an environment where product lives are short or continuous improvement is driving down costs a standard cost may become out-of-date within a month or two.

Using standard cost is easy to have a valuation on inventory at a specific period. The use of standard costs is a key element in a management by exception approach. It can be used as the price at which to sell a product.

Which one is not generally considered an advantage of using models for decision-making. Standard cost is the estimated cost that may be incurred in the production of one unit of product. It can be used as the price at which to sell a product.

1 It makes it difficult to evaluate the impact of fixed costs on a companys results. Absorption costing inventories are more correctly valued.

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It is useful in highlighting variances for management by exception.

Standard deviation b productivity ratio. If costs remain within the standards Managers can focus on other issues. Which one of the following is not an advantage of a standard costing system. Criticism on Standard Costing. The use of standard costs is a key element in a management by exception approach. Fourthly a standard costing system may be used to assess the performance and efficiency of staff and management. D A key factor or principal factor does not influence the preparation of all other budgets. Assignable deviation d randomized mean. I Since Standard Costing involves high degree of technical skill it is therefore costly.

New products developed overseas are more likely to be attuned to the companys overseas markets. It is useful in highlighting variances for management by exception. The following criticism is levelled against standard costing. 11 Which of the following is an advantage of standard costing. The MNC can use the intelligence of foreign scientists and engineers. As such small organisations cannot introduce the system due to their limited financial resources. It is easy for the company to prepare the production planning or budgeting.