Standard Cost System: A structure system in which an estimate of cost is done for few or all of the activities of business. The reason behind its formation is to get a close approximation of actual cost which is quite useful and necessary to get a close review of the real scenario of budget. The two type of standards on which a standard cost system relies.

Question

Want to see the full answer?

Answer 1

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 9, Problem 6Q

To determine

Concept introduction:

Standard Cost System:

A structure system in which an estimate of cost is done for few or all of the activities of business. The reason behind its formation is to get a close approximation of actual cost which is quite useful and necessary to get a close review of the real scenario of budget.

The two type of standards on which a standard cost system relies.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Please explain the correct approach for solving this general accounting question.

n 2022, Alexis transferred $442,000 to a trust with directions to pay income to her spouse, William, for his life. After William's death, the corpus of the trust will pass to William's son. If the life estate is valued at $72,250, what is the total amount of the taxable gifts?

Could you help me solve this financial accounting question using appropriate calculation techniques?

Answer 2

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 9, Problem 6Q

To determine

Concept introduction:

Standard Cost System:

A structure system in which an estimate of cost is done for few or all of the activities of business. The reason behind its formation is to get a close approximation of actual cost which is quite useful and necessary to get a close review of the real scenario of budget.

The two type of standards on which a standard cost system relies.

Expert Solution & Answer

Want to see the full answer?

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 9, Problem 6Q

To determine

Concept introduction:

Standard Cost System:

A structure system in which an estimate of cost is done for few or all of the activities of business. The reason behind its formation is to get a close approximation of actual cost which is quite useful and necessary to get a close review of the real scenario of budget.

The two type of standards on which a standard cost system relies.

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 9, Problem 6Q

To determine