Managment accounting
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overhead variance- The difference between the actual overhead incurred by the company and the standard overhead estimated by the company called the overhead variance.
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Accounting for Factory Overhead
This document discusses accounting for manufacturing overhead costs. It defines manufacturing overhead as indirect factory costs incurred during production, such as utilities, supplies, and indirect labor. It also defines non-manufacturing or administrative overhead costs. The document provides an example of calculating manufacturing overhead applied to a job using a pre-determined overhead rate of $8 per direct labor hour. It applied the $8 rate to 27 direct labor hours, resulting in $216 of manufacturing overhead cost. Finally, it provides an example of how to calculate a pre-determined overhead rate of $8 per hour by dividing the estimated annual manufacturing overhead cost of $8,000 by the estimated annual direct labor hours of 1,000.
Different types of costs PPT ON COST ACCOUNTANCY MBA
The document discusses different types of costs including fixed and variable costs, incremental and sunk costs, real and opportunity costs, explicit and implicit costs, and total, average, and marginal costs. Fixed costs remain constant while variable costs depend on the level of output. Incremental costs refer to the change in total cost from producing one additional unit, while sunk costs cannot be recovered. Real costs refer to physical inputs while opportunity costs represent forgone benefits of alternative uses of resources. Total cost is the sum of fixed and variable costs, average cost is total cost divided by units of output, and marginal cost is the change in total cost from one additional unit.
Flexible budgets & overhead costs
This document summarizes key concepts around flexible budgets, overhead cost management, and activity-based budgeting from chapter 17:
1) A flexible budget accounts for a range of activity levels rather than a single planned level like a static budget. It allows comparison of actual costs to budgeted costs at the actual level of activity.
2) Flexible budgets are based on an activity driver like machine hours or units of output rather than inputs. This allows calculation of variable overhead rates and variances between actual and budgeted overhead costs.
3) Variance analysis separates flexible budget variances into variable overhead spending and efficiency variances and fixed overhead budget and volume variances to help management control overhead costs.
Fixed & variable cost
This document discusses variable costs and fixed costs. It provides examples to illustrate the differences between variable and fixed costs.
Variable costs change depending on production volume, while fixed costs remain the same regardless of production volume. Materials and labor are examples of variable costs, while rent, insurance and salaries are examples of fixed costs. As production increases, total variable costs increase but fixed costs per unit decrease. Calculating total, fixed, and variable costs per unit helps predict costs at different activity levels.
costing process
The document discusses different costing methods including direct/marginal costing, absorption costing, and activity-based costing (ABC costing). It provides examples of cost sheets and calculations for determining profit and cost per unit under different costing methods. It also discusses a case study on a garment exporter and asks how they can lower costs to sell shirts at a desired price point through cost control and innovative measures.
Cost for production including breaking analysis
Cost for production including breaking analysis
CONCEPTS OF COST
VARIOUS TYPES OF COST
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Inputs output costs
The document provides an overview of key concepts related to marginal analysis, inputs, outputs, and costs. It discusses marginal and average quantities, production functions, fixed and variable inputs, diminishing returns, fixed and variable costs, total cost, marginal and average cost, short-term and long-term costs, and returns to scale. Key terms like marginal cost, marginal benefit, total cost curves, average cost curves, and their relationships are defined.
theory of production and costs
This document discusses key economic concepts related to production, costs, and profit maximization. It defines factors of production and their relationship to output. It also defines fixed costs, variable costs, marginal cost, total revenue, and marginal revenue. Finally, it discusses the concepts of break even point and profit-maximizing quantity, where marginal cost equals marginal revenue.
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Accounting for Factory Overhead
This document discusses accounting for manufacturing overhead costs. It defines manufacturing overhead as indirect factory costs incurred during production, such as utilities, supplies, and indirect labor. It also defines non-manufacturing or administrative overhead costs. The document provides an example of calculating manufacturing overhead applied to a job using a pre-determined overhead rate of $8 per direct labor hour. It applied the $8 rate to 27 direct labor hours, resulting in $216 of manufacturing overhead cost. Finally, it provides an example of how to calculate a pre-determined overhead rate of $8 per hour by dividing the estimated annual manufacturing overhead cost of $8,000 by the estimated annual direct labor hours of 1,000.
Different types of costs PPT ON COST ACCOUNTANCY MBA
The document discusses different types of costs including fixed and variable costs, incremental and sunk costs, real and opportunity costs, explicit and implicit costs, and total, average, and marginal costs. Fixed costs remain constant while variable costs depend on the level of output. Incremental costs refer to the change in total cost from producing one additional unit, while sunk costs cannot be recovered. Real costs refer to physical inputs while opportunity costs represent forgone benefits of alternative uses of resources. Total cost is the sum of fixed and variable costs, average cost is total cost divided by units of output, and marginal cost is the change in total cost from one additional unit.
Flexible budgets & overhead costs
This document summarizes key concepts around flexible budgets, overhead cost management, and activity-based budgeting from chapter 17:
1) A flexible budget accounts for a range of activity levels rather than a single planned level like a static budget. It allows comparison of actual costs to budgeted costs at the actual level of activity.
2) Flexible budgets are based on an activity driver like machine hours or units of output rather than inputs. This allows calculation of variable overhead rates and variances between actual and budgeted overhead costs.
3) Variance analysis separates flexible budget variances into variable overhead spending and efficiency variances and fixed overhead budget and volume variances to help management control overhead costs.
Fixed & variable cost
This document discusses variable costs and fixed costs. It provides examples to illustrate the differences between variable and fixed costs.
Variable costs change depending on production volume, while fixed costs remain the same regardless of production volume. Materials and labor are examples of variable costs, while rent, insurance and salaries are examples of fixed costs. As production increases, total variable costs increase but fixed costs per unit decrease. Calculating total, fixed, and variable costs per unit helps predict costs at different activity levels.
costing process
The document discusses different costing methods including direct/marginal costing, absorption costing, and activity-based costing (ABC costing). It provides examples of cost sheets and calculations for determining profit and cost per unit under different costing methods. It also discusses a case study on a garment exporter and asks how they can lower costs to sell shirts at a desired price point through cost control and innovative measures.
Cost for production including breaking analysis
Cost for production including breaking analysis
CONCEPTS OF COST
VARIOUS TYPES OF COST
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Inputs output costs
The document provides an overview of key concepts related to marginal analysis, inputs, outputs, and costs. It discusses marginal and average quantities, production functions, fixed and variable inputs, diminishing returns, fixed and variable costs, total cost, marginal and average cost, short-term and long-term costs, and returns to scale. Key terms like marginal cost, marginal benefit, total cost curves, average cost curves, and their relationships are defined.
theory of production and costs
This document discusses key economic concepts related to production, costs, and profit maximization. It defines factors of production and their relationship to output. It also defines fixed costs, variable costs, marginal cost, total revenue, and marginal revenue. Finally, it discusses the concepts of break even point and profit-maximizing quantity, where marginal cost equals marginal revenue.
Fixed, variable and Incremental Cost
Fixed costs remain constant regardless of production levels and include expenses like rent, insurance, and salaries. Variable costs change based on production volume and include materials and labor. The total cost is the sum of fixed and variable costs. Incremental cost refers to the additional total cost of increasing production by one unit, and is related to marginal cost, which is the change in total cost from an additional unit of output.
Absorption costing
This document discusses absorption costing and overhead allocation. It defines overheads as indirect costs that cannot be directly traced to products or departments. It explains that absorption costing shares overheads between products on a fair basis using allocation, apportionment, and absorption. Various overhead categories and cost centers are described. Methods for allocating and reapportioning overhead like direct and step-down methods are covered. Finally, it discusses determining predetermined overhead rates and absorbing overhead into production costs.
Cost and revenue
The document discusses different types of costs including variable costs, fixed costs, total fixed costs, total variable costs, total costs, average fixed costs, average variable costs, average total costs, marginal costs, and marginal revenue. It defines each type of cost and revenue and provides the relevant formulas to calculate them.
Absorption costing
Absorption (Total) costing is a method of costing where all overheads must be allocated to products. It calculates the full production cost per unit by including both direct and indirect costs. Overheads are apportioned to cost centers and production departments based on factors like floor area, assets, orders, or personnel. Overhead absorption rates are set based on planned production volumes and budgets to determine the overhead amount recovered from each unit. Differences between actual and planned overhead expenditures and production volumes can lead to over-absorption or under-absorption of overheads.
Production and costs
1. There are differences between accounting costs and economic costs, as well as accounting profit and economic profit. Accounting only considers explicit costs, while economics considers both explicit and implicit opportunity costs.
2. Inputs can be either fixed or variable. In the short run, at least one input is fixed, while in the long run all inputs are variable. Production functions show the relationship between inputs and outputs.
3. Cost curves like total, average, and marginal costs are used to analyze costs in the short and long run. Economies and diseconomies of scale impact the long-run average cost curve.
Cost of production Managerial Economics
The document discusses different types of costs that companies incur, including variable costs which change with production levels and fixed costs which remain constant regardless of production levels. It defines total costs as the sum of fixed and variable costs. Break-even analysis is introduced as a tool to determine the sales or production volume needed for total revenue to equal total costs. An example is provided of a flower shop calculating its fixed costs, variable costs per unit, selling price per unit, unit contribution, and break-even point in units. The break-even point is where total sales equals total costs and the company is neither profitable nor losing money.
Output and costs (2)
The document discusses short-run and long-run time frames. In the short-run, some resources like capital are fixed, while variable inputs like labor can be adjusted. In the long-run, all resources can be varied. It also discusses concepts like total, average, and marginal product curves; total, average, and marginal costs; as well as economies and diseconomies of scale. Constant returns to scale occur when average costs remain constant as output increases in the long-run. Minimum efficient scale is the lowest point on the long-run average cost curve, where costs are lowest for a given output level.
presentaion on types of cost
This document defines and explains the different types of costs that a business may incur. It outlines opportunity cost versus actual cost, direct versus indirect costs, fixed versus variable costs, average versus marginal costs. Specific types of costs covered include explicit and implicit costs, historical and replacement costs, real and prime costs, total costs. The document provides examples and definitions for each cost type to clarify the concepts and how they are used in managerial decision making.
Cost.1
The document discusses the costs of production for a firm. It defines fixed costs as costs that do not vary with output, variable costs as costs that vary with output, and total costs as the sum of fixed and variable costs. Marginal cost is defined as the change in total cost from producing one additional unit of output. In the short run, costs are classified as either fixed or variable, but in the long run most costs can become variable. Cost curves like average total cost, average variable cost, and marginal cost are discussed and how they relate to costs and production levels.
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Marginal and absorption costing
Marginal costing is an alternative to absorption costing where only variable costs are charged as cost of sales. Fixed costs are treated as period costs. Closing inventories are valued at marginal cost. Contribution is the difference between sales revenue and marginal cost of sales, and it goes towards recovering fixed costs and generating profit. Break-even point is where contribution equals fixed costs and there is no profit or loss. Marginal costing focuses on distinguishing variable and fixed costs and uses marginal cost for inventory valuation and contribution for decision making.
Absorption costing vs. marginal costing
Marginal costing includes only variable costs when determining the cost per unit of a product, while absorption costing includes both variable and fixed costs. Marginal costing is useful for short-term decision making as it treats fixed costs as period costs, while absorption costing allocates fixed costs to each unit produced. Profits reported under the two methods may differ as absorption costing absorbs and adjusts for over- or under-absorbed fixed overhead costs, while marginal costing deducts fixed costs separately as period costs. A case example demonstrates the different profit calculations under each method.
Marginal costing
Marginal costing is a technique used for managerial decision making that differentiates between fixed and variable costs. It treats variable costs as the cost of a product while fixed costs are charged to the profit and loss account, not individual products. The contribution margin, which is sales minus variable costs, and the profit-volume ratio, which is contribution divided by sales, are key concepts in marginal costing that help determine the profitability of products and the sales volume needed to break even.
Types of cost
This presentation defines different types of costs and explains them. There are opportunity costs versus actual costs, direct versus indirect costs, fixed versus variable costs, and average versus marginal costs. It also discusses historical costs versus replacement costs, explicit versus implicit costs, total costs, and the managerial uses of understanding different cost types.
theory of cost
The document discusses different theories of cost, including traditional and modern theories. Under traditional theory, costs are categorized as total, average, and marginal in both the short-run and long-run. Total cost equals total fixed cost plus total variable cost. Average cost depends on average fixed and average variable cost. Marginal cost is the change in total cost from producing one additional unit. In the long-run, all costs are variable. Modern theory proposes cost curves are L-shaped rather than U-shaped as traditionally thought.
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Economic Costs | Eonomics
Economic Costs refer to the sum of opportunity costs and accounting costs. It is the cost of choosing one economic activity over another. This means when we look at economic costs, it includes all the costs incurred to carry out a particular activity that have to be paid and the opportunity cost or the benefits from the next best alternative which had to be forgone in order to carry out this activity. Copy the link given below and paste it in new browser window to get more information on Economic Costs:- http://www.transtutors.com/homework-help/economics/economics-costs.aspx
Production Cost
This document discusses production costs and different types of average costs. It defines average fixed costs, average variable costs, and average total costs. Fixed costs remain constant regardless of production quantity, while variable costs change with quantity. Average costs are calculated by dividing total costs by quantity. Marginal cost is defined as the change in total cost from producing one more unit. Formulae show marginal cost is the difference between total costs of two levels of output. A graph illustrates how marginal cost decreases initially as total cost rises at a diminishing rate, reaches a minimum, and then increases as the rate of change in total costs increases.
Cost Classification(fixed cost and variable cost) and BEP
This document discusses different types of costs in cost accounting:
1) Costs are classified as fixed costs, variable costs, or semi-variable (mixed) costs based on how they change with production volume. Fixed costs remain constant regardless of production volume, while variable costs change directly with production volume.
2) Fixed costs are further divided into committed fixed costs which are difficult to change in the short-run, and discretionary fixed costs which management can more easily control.
3) Break-even analysis examines the relationship between costs and revenue to determine the production volume needed to cover total costs. The break-even point is where total revenue equals total costs. Contribution margin analysis focuses on the profit contribution of
Overhead cost variance
The document discusses different types of overhead cost variances. It defines an overhead cost variance as the difference between the amount of overhead applied during production and the actual overhead costs incurred. There are two main types of overhead cost variances - variable overhead cost variance and fixed overhead cost variance.
Variable overhead cost variance has three components - variable overhead cost variance, variable overhead expenditure variance, and variable overhead efficiency variance. Fixed overhead cost variance depends on efficiency, calendar days, and production capacity. It contains fixed overhead expenditure variance and fixed overhead volume variance, which has three sub-variances for efficiency, capacity, and calendar.
Variance Analysis
Variance analysis compares actual performance to budgets to identify deviations. There are different types of variances including material, labor, and overhead variances. Material variances measure differences in price and quantity used versus standard. Labor variances include rate, efficiency, idle time, mix, and yield. Overhead variances measure differences in variable and fixed overhead expenditures and volumes versus standards. The goal is to control costs by investigating variances and their causes.
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Standard costing refers to expected costs under anticipated conditions and allows for comparison of standard versus actual costs. Differences between standard and actual costs are referred to as variances, which should be investigated if significant. Standard cost is the cost of a single unit while budgeted cost is the total cost of budgeted units. Target costing determines the allowable cost to earn a required profit, while kaizen costing continually reduces costs after design and production. Cost variances measure differences between planned and actual costs. Material, labor, and variable overhead variances compare standard and actual costs for these items.
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Fixed, variable and Incremental Cost
Fixed costs remain constant regardless of production levels and include expenses like rent, insurance, and salaries. Variable costs change based on production volume and include materials and labor. The total cost is the sum of fixed and variable costs. Incremental cost refers to the additional total cost of increasing production by one unit, and is related to marginal cost, which is the change in total cost from an additional unit of output.
Absorption costing
This document discusses absorption costing and overhead allocation. It defines overheads as indirect costs that cannot be directly traced to products or departments. It explains that absorption costing shares overheads between products on a fair basis using allocation, apportionment, and absorption. Various overhead categories and cost centers are described. Methods for allocating and reapportioning overhead like direct and step-down methods are covered. Finally, it discusses determining predetermined overhead rates and absorbing overhead into production costs.
Cost and revenue
The document discusses different types of costs including variable costs, fixed costs, total fixed costs, total variable costs, total costs, average fixed costs, average variable costs, average total costs, marginal costs, and marginal revenue. It defines each type of cost and revenue and provides the relevant formulas to calculate them.
Absorption costing
Absorption (Total) costing is a method of costing where all overheads must be allocated to products. It calculates the full production cost per unit by including both direct and indirect costs. Overheads are apportioned to cost centers and production departments based on factors like floor area, assets, orders, or personnel. Overhead absorption rates are set based on planned production volumes and budgets to determine the overhead amount recovered from each unit. Differences between actual and planned overhead expenditures and production volumes can lead to over-absorption or under-absorption of overheads.
Production and costs
1. There are differences between accounting costs and economic costs, as well as accounting profit and economic profit. Accounting only considers explicit costs, while economics considers both explicit and implicit opportunity costs.
2. Inputs can be either fixed or variable. In the short run, at least one input is fixed, while in the long run all inputs are variable. Production functions show the relationship between inputs and outputs.
3. Cost curves like total, average, and marginal costs are used to analyze costs in the short and long run. Economies and diseconomies of scale impact the long-run average cost curve.
Cost of production Managerial Economics
The document discusses different types of costs that companies incur, including variable costs which change with production levels and fixed costs which remain constant regardless of production levels. It defines total costs as the sum of fixed and variable costs. Break-even analysis is introduced as a tool to determine the sales or production volume needed for total revenue to equal total costs. An example is provided of a flower shop calculating its fixed costs, variable costs per unit, selling price per unit, unit contribution, and break-even point in units. The break-even point is where total sales equals total costs and the company is neither profitable nor losing money.
Output and costs (2)
The document discusses short-run and long-run time frames. In the short-run, some resources like capital are fixed, while variable inputs like labor can be adjusted. In the long-run, all resources can be varied. It also discusses concepts like total, average, and marginal product curves; total, average, and marginal costs; as well as economies and diseconomies of scale. Constant returns to scale occur when average costs remain constant as output increases in the long-run. Minimum efficient scale is the lowest point on the long-run average cost curve, where costs are lowest for a given output level.
presentaion on types of cost
This document defines and explains the different types of costs that a business may incur. It outlines opportunity cost versus actual cost, direct versus indirect costs, fixed versus variable costs, average versus marginal costs. Specific types of costs covered include explicit and implicit costs, historical and replacement costs, real and prime costs, total costs. The document provides examples and definitions for each cost type to clarify the concepts and how they are used in managerial decision making.
Cost.1
The document discusses the costs of production for a firm. It defines fixed costs as costs that do not vary with output, variable costs as costs that vary with output, and total costs as the sum of fixed and variable costs. Marginal cost is defined as the change in total cost from producing one additional unit of output. In the short run, costs are classified as either fixed or variable, but in the long run most costs can become variable. Cost curves like average total cost, average variable cost, and marginal cost are discussed and how they relate to costs and production levels.
A2 Micro: Fixed and Variable Costs
Revision presentation on fixed and variable costs of production - more revision notes available from www.tutor2u.net
Marginal and absorption costing
Marginal costing is an alternative to absorption costing where only variable costs are charged as cost of sales. Fixed costs are treated as period costs. Closing inventories are valued at marginal cost. Contribution is the difference between sales revenue and marginal cost of sales, and it goes towards recovering fixed costs and generating profit. Break-even point is where contribution equals fixed costs and there is no profit or loss. Marginal costing focuses on distinguishing variable and fixed costs and uses marginal cost for inventory valuation and contribution for decision making.
Absorption costing vs. marginal costing
Marginal costing includes only variable costs when determining the cost per unit of a product, while absorption costing includes both variable and fixed costs. Marginal costing is useful for short-term decision making as it treats fixed costs as period costs, while absorption costing allocates fixed costs to each unit produced. Profits reported under the two methods may differ as absorption costing absorbs and adjusts for over- or under-absorbed fixed overhead costs, while marginal costing deducts fixed costs separately as period costs. A case example demonstrates the different profit calculations under each method.
Marginal costing
Marginal costing is a technique used for managerial decision making that differentiates between fixed and variable costs. It treats variable costs as the cost of a product while fixed costs are charged to the profit and loss account, not individual products. The contribution margin, which is sales minus variable costs, and the profit-volume ratio, which is contribution divided by sales, are key concepts in marginal costing that help determine the profitability of products and the sales volume needed to break even.
Types of cost
This presentation defines different types of costs and explains them. There are opportunity costs versus actual costs, direct versus indirect costs, fixed versus variable costs, and average versus marginal costs. It also discusses historical costs versus replacement costs, explicit versus implicit costs, total costs, and the managerial uses of understanding different cost types.
theory of cost
The document discusses different theories of cost, including traditional and modern theories. Under traditional theory, costs are categorized as total, average, and marginal in both the short-run and long-run. Total cost equals total fixed cost plus total variable cost. Average cost depends on average fixed and average variable cost. Marginal cost is the change in total cost from producing one additional unit. In the long-run, all costs are variable. Modern theory proposes cost curves are L-shaped rather than U-shaped as traditionally thought.
Cost and Various Cost Types
Note: All expenses are costs,but not all costs are expenses.
Cost does not include the mark-up for profit.
Economic Costs | Eonomics
Economic Costs refer to the sum of opportunity costs and accounting costs. It is the cost of choosing one economic activity over another. This means when we look at economic costs, it includes all the costs incurred to carry out a particular activity that have to be paid and the opportunity cost or the benefits from the next best alternative which had to be forgone in order to carry out this activity. Copy the link given below and paste it in new browser window to get more information on Economic Costs:- http://www.transtutors.com/homework-help/economics/economics-costs.aspx
Production Cost
This document discusses production costs and different types of average costs. It defines average fixed costs, average variable costs, and average total costs. Fixed costs remain constant regardless of production quantity, while variable costs change with quantity. Average costs are calculated by dividing total costs by quantity. Marginal cost is defined as the change in total cost from producing one more unit. Formulae show marginal cost is the difference between total costs of two levels of output. A graph illustrates how marginal cost decreases initially as total cost rises at a diminishing rate, reaches a minimum, and then increases as the rate of change in total costs increases.
Cost Classification(fixed cost and variable cost) and BEP
This document discusses different types of costs in cost accounting:
1) Costs are classified as fixed costs, variable costs, or semi-variable (mixed) costs based on how they change with production volume. Fixed costs remain constant regardless of production volume, while variable costs change directly with production volume.
2) Fixed costs are further divided into committed fixed costs which are difficult to change in the short-run, and discretionary fixed costs which management can more easily control.
3) Break-even analysis examines the relationship between costs and revenue to determine the production volume needed to cover total costs. The break-even point is where total revenue equals total costs. Contribution margin analysis focuses on the profit contribution of
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Cost Classification(fixed cost and variable cost) and BEP
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Overhead cost variance
The document discusses different types of overhead cost variances. It defines an overhead cost variance as the difference between the amount of overhead applied during production and the actual overhead costs incurred. There are two main types of overhead cost variances - variable overhead cost variance and fixed overhead cost variance.
Variable overhead cost variance has three components - variable overhead cost variance, variable overhead expenditure variance, and variable overhead efficiency variance. Fixed overhead cost variance depends on efficiency, calendar days, and production capacity. It contains fixed overhead expenditure variance and fixed overhead volume variance, which has three sub-variances for efficiency, capacity, and calendar.
Variance Analysis
Variance analysis compares actual performance to budgets to identify deviations. There are different types of variances including material, labor, and overhead variances. Material variances measure differences in price and quantity used versus standard. Labor variances include rate, efficiency, idle time, mix, and yield. Overhead variances measure differences in variable and fixed overhead expenditures and volumes versus standards. The goal is to control costs by investigating variances and their causes.
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Standard costing refers to expected costs under anticipated conditions and allows for comparison of standard versus actual costs. Differences between standard and actual costs are referred to as variances, which should be investigated if significant. Standard cost is the cost of a single unit while budgeted cost is the total cost of budgeted units. Target costing determines the allowable cost to earn a required profit, while kaizen costing continually reduces costs after design and production. Cost variances measure differences between planned and actual costs. Material, labor, and variable overhead variances compare standard and actual costs for these items.
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The document discusses overhead rates and overhead variances. It provides an example of a company, ColaCo, that prepared a budget for overhead including variable and fixed overhead rates. It then demonstrates how to calculate variable and fixed overhead variances based on the budgeted overhead rates and actual results. Variable overhead variances include a spending variance and efficiency variance. Fixed overhead variances include a budget variance and volume variance. Formulas and explanations are provided for each type of overhead variance.
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The document classifies variances into material cost, price, usage, mix, and yield variances. It also discusses labor cost, rate, efficiency, idle time, mix, and yield variances. Finally, it covers variable and fixed overhead variances. Material and labor variances are calculated using standard quantities/rates and actual quantities/rates. Variable overhead variances have expenditure/budget and efficiency components. Fixed overhead variance is the difference between standard overhead recovered and actual overhead incurred.
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The document classifies variances into material cost, price, usage, mix, and yield variances. It also discusses labor cost, rate, efficiency, idle time, mix, and yield variances. Finally, it covers variable and fixed overhead variances. Material and labor variances are calculated using standard quantities/rates and actual quantities/rates. Variable overhead variances have expenditure/budget and efficiency components. Fixed overhead variance is the difference between standard overhead recovered and actual overhead incurred.
Ca chap 13 standard costing&variance analysis(2)
This document discusses standard costing and variance analysis techniques. Standard costing involves setting predetermined standard costs that products should attain under given conditions. Variances measure the difference between actual and standard costs/results and can be classified in various ways, including functionally, based on measurement, results, and controllability. Key variances include material, labor, variable and fixed overhead variances. Standard costing is used for cost control, pricing, performance evaluation, and management objectives.
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This document discusses production order variance and standard costs as a way to evaluate performance and increase efficiency. It explains that setting standards and measuring variances from those standards allows companies to identify areas for improvement. The document then provides details on calculating different types of variances, including direct material, direct labor, and manufacturing overhead variances. It describes separating the total variance for each into a price and quantity component to help analyze the sources of unfavorable or favorable variances.
Managerial economics
This document discusses production functions and the differences between short-run and long-run production. In the short-run, at least one input is fixed, leading to diminishing returns. The long-run allows all inputs to vary, and economies of scale can result in decreasing, constant, or increasing returns. Specifically, decreasing returns occur when output grows less than inputs; constant returns when both grow equally; and increasing returns when output grows more than inputs due to factors like specialization and large-scale machinery.
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This document discusses various types of cost and sales variances that can occur in standard costing. It defines direct material, direct labor, and overhead variances, explaining how to calculate variances for material price and usage, labor rate and efficiency, and fixed and variable overhead costs. Sales variances are also covered, including calculations for price, volume, mix, and quantity variances based on both turnover and profit. Formulas are provided for computing each variance.
Mca i fma u 4.4 varience analysis
This document discusses various types of cost and sales variances that can occur in standard costing. It defines direct material, direct labor, and overhead variances, explaining how to calculate variances for material price and usage, labor rate and efficiency, and fixed and variable overhead costs. Sales variances are also covered, distinguishing between variances calculated based on turnover versus profit, and how price, volume, mix, and quantity variances are derived in each case. Formulas are provided for computing each variance.
Standard costing and variances
Standard costing is a technique that uses predetermined costs and revenues to measure variances from actual costs and analyze their causes to improve efficiency. It involves setting standard costs for materials, labor, and overhead, measuring actual costs, comparing actuals to standards, and taking corrective action. Variances in standard costing include material cost, price, usage, mix, and yield variances as well as labor cost, rate, efficiency, and idle time variances. The goal is to eliminate waste and inefficiencies through variance analysis.
Standard costing summary
1. The document discusses various types of standard costing variances for materials, labor, and overhead. It provides formulas to calculate 22 different variances including material cost, price, quantity, and mix variances as well as labor cost, rate, efficiency, and mix variances.
2. Overhead variances covered include variable and fixed overhead cost, expenditure, efficiency, volume, capacity, revised capacity, and calendar variances. Formulas use standard and actual quantities, prices, rates, and overhead amounts to calculate the variances.
3. Short summaries are provided for each variance along with reconciliation formulas showing the relationships between different variances.
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The document discusses:
1) Flexible budgets and variance analysis for overhead costs, including developing variable and fixed overhead rates.
2) Calculating variances for variable manufacturing overhead, including a spending variance and efficiency variance.
3) Fixed manufacturing overhead only has a spending variance, as efficiency is not applicable to a fixed cost.
The document provides an example calculation of variances for variable and fixed manufacturing overhead costs.
Manufacturinf overhead variance
The document discusses manufacturing overhead variance calculations. It provides examples of calculating total, controllable, and volume variances given actual overhead costs, standard hours, budgeted overhead amounts, normal capacity hours and production levels. The total variance is the difference between actual overhead and applied overhead. The controllable variance is the difference between actual and budgeted overhead. The volume variance is based on fixed overhead rates and the difference between normal and actual capacity.
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This document discusses various methods for accounting for overhead costs in management accounting. It covers budgeting overhead rates, applying overhead to products using a budgeted rate, and accounting for under- or over-applied overhead. It also compares variable costing and absorption costing methods, including calculating income statements and production volume variances under each method. The key difference between the methods is how fixed manufacturing costs are treated in determining cost of goods sold and gross profit.
Variance analysis
Variance analysis involves computing the differences between actual and standard costs. It has two phases - computation of individual variances and determining the causes of variances. Variances are classified as material, labor, and overhead. Material variance is caused by differences in actual and standard quantities and prices of materials. Labor variances can be due to mix of labor grades or wage rates. Overhead variances arise from differences between actual and standard overhead amounts. Variance analysis helps identify reasons for deviations from standards and improve performance.
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Dividends
1. A dividend is a distribution of a company's earnings to shareholders that is decided by the board of directors and indicates a company's positive future and strong performance.
2. There are several types of dividends including cash dividends, which are the most common and paid in cash; bonus shares which are additional shares given to shareholders; and share repurchases where a company buys back its own shares.
3. Several theories provide frameworks for determining optimal dividend policies including Walter's model which shows the relationship between a firm's internal rate of return and cost of capital, Gordon's model which relates market value to dividends, and Modigliani and Miller's hypothesis that dividend policy does not impact share
Digital Economy
Digital Economy is the World Wide Transaction of the economy, domestic transaction and communicating through digital medium.
Assigment on BSE & NSE
NSE stands for National stock exchange and BSE stands for Bombay stock exchange. Mainly two exchanges in India regulated under SEBI(Security Exchange Board of India)
Types of production in Production and operation subject.
The document discusses three main types of production: job production, batch production, and mass or flow production. It also discusses product lifecycles and competitive advantages. Finally, it outlines several manufacturing strategies including flexible manufacturing, lean manufacturing, and service-based manufacturing. Determining the optimal manufacturing strategy requires developing one that leverages a company's strengths and caters to customer and market needs.
Export managment
Export means the transaction of products and services from one nation to others. Export goods are given to international end users by domestic producers. Export management is the use of the managerial process to the serviceable area of exports.
Operation research
Transportation problems and its method.
The organization wants its minimization of cost from the supply sources to the different demand destination but leads to some transportation problem to resolve them here are some methods.
Women helpline scheme
From the past few years, women's are harassed and threatened everywhere in our society crime rate are increasing like rape, acid attack, chain snatching. Here is measurable ppt which can help them out.
Social Marketing
The social marketing is being done to aware the customers about the products and services. Some of corporate or government policies, new tech in market.
companies account
Company account depicts the financial position of the organization taking into consideration of trading a/c, P&L a/c, Balance sheet.
Please Like, Comment and Share.
Types of error in hypothesis
A research hypothesis is a statement created by researchers to speculate on the outcome of an experiment. Hypotheses are generated through inductive reasoning from observations and must be testable, falsifiable, and realistic. There are two types of errors in hypothesis testing: type I errors which incorrectly reject a true null hypothesis, and type II errors which fail to reject a false null hypothesis. Examples of hypotheses and errors are given for building inspections and the effects of fluoride in toothpaste.
cancer, stages, symptoms
This document provides an overview of cancer, including:
- An introduction defining cancer as uncontrolled cell growth that can spread through the body and interfere with organ systems.
- A brief history of cancer terminology dating back to ancient Greece.
- Descriptions of the main types of cancer like carcinoma, sarcoma, and leukemia.
- Common symptoms of cancer like lumps, bleeding, and weight loss.
- Natural remedies that may help treat or prevent cancer, such as green tea, turmeric, and berries.
- The stages of cancer from localized to distant spread.
- Differences between normal and cancerous cells in areas like growth control and cell adhesion.
Inflorescence
The presentation is about the cluster or bunch of flowers arranged in the stem and the further types of it which will help you for enhancing knowledge for horticulture or plant physiology sector.
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Types of production in Production and operation subject.
Types of production in Production and operation subject.
Recently uploaded
在线办理(UVic毕业证书)维多利亚大学毕业证录取通知书一模一样
学校原件一模一样【微信：741003700 】《(UVic毕业证书)维多利亚大学毕业证》【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
【主营项目】
一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
W.H.Bender Quote 66 - ServPoints Sequence of Service™ should be Identified fo...
W.H.Bender Quote 66 - ServPoints Sequence of Service™ should be Identified fo...William (Bill) H. Bender, FCSI
Specific ServPoints should be tailored for restaurants in all food service segments. Your ServPoints should be the centerpiece of brand delivery training (guest service) and align with your brand position and marketing initiatives, especially in high-labor-cost conditions.
408-784-7371
Foodservice Consulting + Design
Colby Hobson: Residential Construction Leader Building a Solid Reputation Thr...
Colby Hobson stands out as a dynamic leader in the residential construction industry. With a solid reputation built on his exceptional communication and presentation skills, Colby has proven himself to be an excellent team player, fostering a collaborative and efficient work environment.
Employment Practices Regulation and Multinational Corporations
Employment Practices Regulation and Multinational Corporations
Strategic decision making within MNCs constrained or determined by the implementation of laws and codes of practice and by pressure from political actors. Managers in MNCs have to make choices that are shaped by gvmt. intervention and the local economy.
Risk-Management-presentation for cooperatives
Power point presentation for risk management for cooperatives
Comparing Stability and Sustainability in Agile Systems
Copy of the presentation given at XP2024 based on a research paper.
In this paper we explain wat overwork is and the physical and mental health risks associated with it.
We then explore how overwork relates to system stability and inventory.
Finally there is a call to action for Team Leads / Scrum Masters / Managers to measure and monitor excess work for individual teams.
20240608 QFM019 Engineering Leadership Reading List May 2024
Everything I found interesting about Engineering Leadership in May 2024
Resource-mobilization-guide-for-community-based-organizations1.pdf
resource mobilization guidebook for comminute based organizations
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一比一原版(QU毕业证)皇后大学毕业证如何办理
QU本科学位证成绩单【微信95270640】《皇后大学毕业证书原版制作QU成绩单》【Q微信95270640】《仿制QU毕业证成绩单皇后大学学位证书pdf电子图》，A.为什么留学生需要操作留信认证?
留信认证全称全国留学生信息服务网认证,隶属于北京中科院。①留信认证门槛条件更低,费用更美丽,并且包过,完单周期短,效率高②留信认证虽然不能去国企,但是一般的公司都没有问题,因为国内很多公司连基本的留学生学历认证都不了解。这对于留学生来说,这就比自己光拿一个证书更有说服力,因为留学学历可以在留信网站上进行查询!
B.为什么我们提供的毕业证成绩单具有使用价值？
查询留服认证是国内鉴别留学生海外学历的唯一途径，但认证只是个体行为，不是所有留学生都操作，所以没有办理认证的留学生的学历在国内也是查询不到的，他们也仅仅只有一张文凭。所以这时候我们提供的和学校颁发的一模一样的毕业证成绩单，就有了使用价值。
实体公司，专业可靠，办理加拿大毕业证|办美国成绩单|做德国文凭学历认证|办新西兰学位证，办澳洲文凭认证，办留信网认证（网上可查，实体公司，专业可靠）铸就十年品质！信誉！实体公司！
文凭办理流程：
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2开始安排制作毕业证成绩单电子图；
3毕业证成绩单电子版做好以后发送给您确认；
4毕业证成绩单电子版您确认信息无误之后安排制作成品；
5成品做好拍照或者视频给您确认；
6快递给客户（国内顺丰国外DHLUPS等快读邮寄）。
7完成交易删除客户资料
高精端提供以下服务：
一：皇后大学皇后大学毕业证文凭证书全套材料从防伪到印刷水印底纹到钢印烫金
二：真实使馆认证（留学人员回国证明）使馆存档
三：真实教育部认证教育部存档教育部留服网站可查
四：留信认证留学生信息网站可查
五：与学校颁发的相关证件1:1纸质尺寸制定（定期向各大院校毕业生购买最新版本毕,业证成绩单保证您拿到的是鲁昂大学内部最新版本毕业证成绩单微信95270640）
A.为什么留学生需要操作留信认证?
留信认证全称全国留学生信息服务网认证,隶属于北京中科院。①留信认证门槛条件更低,费用更美丽,并且包过,完单周期短,效率高②留信认证虽然不能去国企,但是一般的公司都没有问题,因为国内很多公司连基本的留学生学历认证都不了解。这对于留学生来说,这就比自己光拿一个证书更有说服力,因为留学学历可以在留信网站上进行查询!
B.为什么我们提供的毕业证成绩单具有使用价值？
查询留服认证是国内鉴别留学生海外学历的唯一途径但认证只是个体行为不是所有留学生都操作所以没有办理认证的留学生的学历在国内也是查询不到的他们也仅仅只有一张文凭。所以这时候我们提供的和学校颁发的一模一样的毕业证成绩单就有了使用价值。娃拒绝父亲送说往车上一躺就等着下车决无丢失的道理有手机在身联系也方便再说他都岁了还有大半车的小伙伴相伴他不怕在父亲千叮咛万嘱咐中山娃依依不舍地爬上车朝窗外不住地挥手别了父亲别了父亲的城别了我的暑假生活我的城市生活望着窗外挥舞的大手还有那张微驼的背一向坚强的山娃禁不住泪如雨下当我坐下来想写这封信时“感恩两字在我脑海中回旋很幸运我有这样的机会能将埋在心底深深的感激之情得以表达从婴儿的“哇哇坠地到哺育听
Addiction to Winning Across Diverse Populations.pdf
A anaysis dedicated to identify the addiction on winniing by diverse population
原版制作(澳洲WSU毕业证书)西悉尼大学毕业证文凭证书一模一样
学校原件一模一样【微信：741003700 】《(澳洲WSU毕业证书)西悉尼大学毕业证、文凭证书》【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
【主营项目】
一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
Credit-Management seminar for cooperative power point presentation
Credit-Management seminar for cooperative power point presentation
Impact of Effective Performance Appraisal Systems on Employee Motivation and ...
Healthy economic development requires properly managing the banking industry of any
country. Along with state-owned banks, private banks play a critical role in the country's economy.
Managers in all types of banks now confront the same challenge: how to get the utmost output from
their employees. Therefore, Performance appraisal appears to be inevitable since it set the
standard for comparing actual performance to established objectives and recommending practical
solutions that help the organization achieve sustainable growth. Therefore, the purpose of this
research is to determine the effect of performance appraisal on employee motivation and retention.
Strategic Org Design with Org Topologies™
Org Design is a core skill to be mastered by management for any successful org change.
Org Topologies™ in its essence is a two-dimensional space with 16 distinctive boxes - atomic organizational archetypes. That space helps you to plot your current operating model by positioning individuals, departments, and teams on the map. This will give a profound understanding of the performance of your value-creating organizational ecosystem.
Strategy for E-Types - Strategy Formulation.pptx
Capstone project for Coursera - Strategy Formulation
All the Small Things - XP2024 Bolzano/Bozen
Originally presented at XP2024 Bolzano
While agile has entered the post-mainstream age, possibly losing its mojo along the way, the rise of remote working is dealing a more severe blow than its industrialization.
In this talk we'll have a look to the cumulative effect of the constraints of a remote working environment and of the common countermeasures.
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W.H.Bender Quote 66 - ServPoints Sequence of Service™ should be Identified fo...
W.H.Bender Quote 66 - ServPoints Sequence of Service™ should be Identified fo...
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Colby Hobson: Residential Construction Leader Building a Solid Reputation Thr...
Employment Practices Regulation and Multinational Corporations
Employment Practices Regulation and Multinational Corporations
Comparing Stability and Sustainability in Agile Systems
Comparing Stability and Sustainability in Agile Systems
20240608 QFM019 Engineering Leadership Reading List May 2024
20240608 QFM019 Engineering Leadership Reading List May 2024
Resource-mobilization-guide-for-community-based-organizations1.pdf
Resource-mobilization-guide-for-community-based-organizations1.pdf
Credit Management training seminar power point presentation
Credit Management training seminar power point presentation
Integrity in leadership builds trust by ensuring consistency between words an...
Integrity in leadership builds trust by ensuring consistency between words an...
Addiction to Winning Across Diverse Populations.pdf
Addiction to Winning Across Diverse Populations.pdf
Credit-Management seminar for cooperative power point presentation
Credit-Management seminar for cooperative power point presentation
Impact of Effective Performance Appraisal Systems on Employee Motivation and ...
Impact of Effective Performance Appraisal Systems on Employee Motivation and ...
Managment accounting
- 1. Presentation on Overhead variance Submitted to – Submitted By- Mr. Sandeep Bisht Sir Shaifali Pandey MBAII Sem
- 2. An overhead cost variance is the difference between the amount of overhead applied during the production process and the actual amount of overhead costs incurred during the period. E.g: Effieciency variance and volume variance.
- 3. 1- Variable overhead: Variable overhead is the indirect cost of operating a business, which fluctuates with manufacturing activity. Eg: Electric bill and water bill.
- 4. A) Variable overhead cost variance This is the difference between the standard variable overhead for actual production and the actual variable overhead incurred. Formula - Actual Output x Standard Variable Overhead Rate – Actual Variable Overheads
- 5. B) Variable Overhead Expenditure Variance It is the difference between standard variable overheads allowed for actual hours worked and the actual variable overhead incurred. Formula - Actual hours worked x Standard variable overhead rate per hour – Actual variable overhead
- 6. The difference between the standard fixed overhead for actual output (i.e., fixed overhead that has been recovered) & the actual fixed overhead which has been incurred, is known as fixed overhead cost variance. Eg: Rent, sallaries, insurance.
- 7. A) Fixed overhead cost variance It is that portion of overhead cost variance which is due to over absorption or under absorption of overhead for the actual production. Formula: Actual Output x Stanadard Fixed Overhead Rate per unit – Actual Fixed Overheads
- 8. This Variance is the difference between the budgeted fixed overheads and the standard fixed overheads recovered on the actual production. Formula : Volume Variance = Actual Output x Standard Rate – Budgeted Fixed Overheads (or) Standard Rate (Actual Output – Budgeted Output)
- 9. For example: a company budgets for the allocation of 25,000 of fixed overhead costs to produced goods at the rate of ₹ 50 per unit produced, with the expectation that 500 units will be produced. However, the actual number of units produced is 600, so a total of 30,000 of fixed overhead costs are allocated. This creates a fixed overhead volume variance of 5,000