Standard Costing System: The estimated cost for each activity is decided by the management of the company which is termed as standard cost; if the actual results deviated from the estimated results then required actions are taken by the company. To identify: Positive negative features of standard costing systems.

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Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 21, Problem 17DQ

To determine

Standard Costing System:

The estimated cost for each activity is decided by the management of the company which is termed as standard cost; if the actual results deviated from the estimated results then required actions are taken by the company.

To identify: Positive negative features of standard costing systems.

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Answer 2

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Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 21, Problem 17DQ

To determine

Standard Costing System:

The estimated cost for each activity is decided by the management of the company which is termed as standard cost; if the actual results deviated from the estimated results then required actions are taken by the company.

To identify: Positive negative features of standard costing systems.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 21, Problem 17DQ

To determine

Standard Costing System:

The estimated cost for each activity is decided by the management of the company which is termed as standard cost; if the actual results deviated from the estimated results then required actions are taken by the company.

To identify: Positive negative features of standard costing systems.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 21, Problem 17DQ

To determine