Lecture 4- Standard costing and variance analysis (1)

First step in how a standard costing system operates is for the are recorded for each for each

Second step in how standard costing system operates is for each are to each

Third step in how standard costing system operates is and are

Fourth step in how standard costing system operates is are investigated and is taken where

Fifth step in how standard costing system operates is are monitored and to changes in and/or

One approach used for setting standard costs is using records to and usage

Another approach used for setting standard costs is on

Engineering studies- of each operation, based on of materials, and equipment and on observations of

One purpose of standard costing system is providing that can be used for purposes

Another purpose of standard costing system is setting which are to achieve

Third purpose of standard costing system is providing and source of for

Fourth purpose of standard costing system is acting as by highlighting that do not to plan and therefore to situations that may be and in need of

Fifth purpose of standard costing system is of costs to for profit and purpose

Standard cost- that are and should be under conditions