Managerial Accounting And Finance an der University Of The Western Cape | Karteikarten & Zusammenfassungen

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TESTE DEIN WISSEN
What is the difference between a budget and standard costing ?
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TESTE DEIN WISSEN
A budget relates to the cost per total activity , whereas standard relates to a cost per unit activity 
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TESTE DEIN WISSEN
What type of production suits standard costing and why?
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TESTE DEIN WISSEN
A repetitive production of identical items I.e cans of coke
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TESTE DEIN WISSEN
What are variances traced to ?
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TESTE DEIN WISSEN
Responsibility centres
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TESTE DEIN WISSEN
Which approach in establishing cost standards are more efficient? 
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TESTE DEIN WISSEN
Engineering studies 
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TESTE DEIN WISSEN
If the standard time calculated for an activity(ies) was 1800; and the actual DLH exceeded 1800. Was the department efficient or inefficient?
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TESTE DEIN WISSEN
Inefficient, because they took longer to complete the activity than the standard predicted.
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TESTE DEIN WISSEN
Why do we do standard costing ?

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TESTE DEIN WISSEN
  • To provide a prediction if future costs that can be used for decision making . 
  • To assist in setting budgets and evaluating performance 
  • To act as a control device by highlighting those activities that do not conform to plan 
  • To simplify the task of tracing costs to products for inventory valuation 
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TESTE DEIN WISSEN
What are the criteria for using standard costs for Inventory valuation ?
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TESTE DEIN WISSEN
As long as they are a reasonable approximation of the actual cost and as long as it is still lower than NRV for that product 
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TESTE DEIN WISSEN
Formula for material price variance?
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TESTE DEIN WISSEN
(SP-AP) * AQ 
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TESTE DEIN WISSEN
What does "AQ" in the material price variance formula refer to?
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TESTE DEIN WISSEN
Actual quantity is the actual quantity PURCHASED 
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TESTE DEIN WISSEN
(SP - AP) * AQ 
(R10 - R11) * 19000 = R19000 
Favorable or adverse and why ?
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TESTE DEIN WISSEN
Adverse.
We paid more for the unit than expected. 
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TESTE DEIN WISSEN
Exolain 2 possible causes for an adverse variance and what are solutions?
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TESTE DEIN WISSEN
  • There was an increase in market prices - we should adjust the standard 
  • There was an increase in our suppliers prices - we should look for another supplier 
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TESTE DEIN WISSEN
Is it more efficient to order in large or smaller quantities?
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TESTE DEIN WISSEN
We should order large quantities because ordering in small quantities costs more 
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Q:
What is the difference between a budget and standard costing ?
A:
A budget relates to the cost per total activity , whereas standard relates to a cost per unit activity 
Q:
What type of production suits standard costing and why?
A:
A repetitive production of identical items I.e cans of coke
Q:
What are variances traced to ?
A:
Responsibility centres
Q:
Which approach in establishing cost standards are more efficient? 
A:
Engineering studies 
Q:
If the standard time calculated for an activity(ies) was 1800; and the actual DLH exceeded 1800. Was the department efficient or inefficient?
A:
Inefficient, because they took longer to complete the activity than the standard predicted.
Mehr Karteikarten anzeigen
Q:
Why do we do standard costing ?

A:
  • To provide a prediction if future costs that can be used for decision making . 
  • To assist in setting budgets and evaluating performance 
  • To act as a control device by highlighting those activities that do not conform to plan 
  • To simplify the task of tracing costs to products for inventory valuation 
Q:
What are the criteria for using standard costs for Inventory valuation ?
A:
As long as they are a reasonable approximation of the actual cost and as long as it is still lower than NRV for that product 
Q:
Formula for material price variance?
A:
(SP-AP) * AQ 
Q:
What does "AQ" in the material price variance formula refer to?
A:
Actual quantity is the actual quantity PURCHASED 
Q:
(SP - AP) * AQ 
(R10 - R11) * 19000 = R19000 
Favorable or adverse and why ?
A:
Adverse.
We paid more for the unit than expected. 
Q:
Exolain 2 possible causes for an adverse variance and what are solutions?
A:
  • There was an increase in market prices - we should adjust the standard 
  • There was an increase in our suppliers prices - we should look for another supplier 
Q:
Is it more efficient to order in large or smaller quantities?
A:
We should order large quantities because ordering in small quantities costs more 
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