BUS-317 TOPIC 5 DQ 2

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Grand Canyon University *

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317

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Economics

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Jan 9, 2024

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1

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Explain what a standard cost system is and the advantages and disadvantages of using them for budgeting. Cost centers are established by standard cost processes, and department heads and their staff are given accountability. Standard expenses can make bookkeeping a lot easier. It is possible to charge jobs with the usual costs for labor, materials, and overhead rather than documenting the actual expenses for each project. A "favorable" variance may occasionally be just as bad as or worse than a "unfavorable" variance. For instance, Bridgestone has a specification for the minimum air pressure in their tires. Less air would have been used than what the standard specifies in the case of a "favorable" variance. A subpar tire and possibly a disgruntled customer are the outcomes. A "favorable" variance may occasionally be just as bad as or worse than an "unfavorable" variance. For instance, Bridgestone has a specification for the minimum air pressure in their tires. Less air would have been used than what the standard specifies in the case of a "favorable" variance. A subpar tire and possibly a disgruntled customer are the outcomes.
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