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STANDARD COSTING AND CONTROL BY VARIANCE ANALYSIS

  • Type:Project
  • Chapters:5
  • Pages:35
  • Methodology:nil
  • Reference:YES
  • Format:Microsoft Word
(Accounting Project Topics & Materials)
STANDARD COSTING AND CONTROL BY VARIANCE ANALYSIS
ABSTRACT

            Standard costing and control by analysis of variance has been a very important mater in every manufacturing. The need for a through research and critical analysis of this issue form the basis and the aim of  this job. To facilitate reading and understanding of  this   write up, the writer has categorized his work into chapters.  Chapter one begins with the Background of the  study, statement of the problem, purpose of the study, research objectives, different between research objectives and purpose of the study, scope and limitation of the study, significance of the study and definition of terms involved.      In chapter two, we have review of related literature, types of standard, costs cites for setting standards, preliminaries in establishing a system of standard costs, variance, variance classification and favorable and unfavorable variances. Finally, chapter three deals with discussion of findings, conclusion and recommendation.
TABLE OF CONTENT
CHAPTER ONE
1.0         BACKROUND OF THE STUDY
1.1       STATEMENT OF THE PROBLEM
1.2         RESEARCH OBJECTIVES
1.3         PURPOSE OF THE SUDY
1.4         DIFFERENT BETWEEN RSERACH ONJECTIVES
AND PURPOSE OF THE STUDY
1.5         SCOPE AND LIMITATION OF THES STUDY
1.6         SIGNIFICANCE OF THE STUDY
1.7         DEFINITION OF TERMS INLOVED
CHAPTER TWO
2.0         REVIEW OF RELATED LITERATURE
2.1       TYPES OF STANDARDS
2.2         PRINCIPLES OF SETTING STANDARDS
2.3         PRLIMINARIES IN ESTABLISHING A SYSTEM OF STANDRAD COSTS.
2.4         VARIANCE ANALYSIS
2.5         CONTROLLABLE AND UNCONTROLLABLE COST VARIANCE
2.6         VARIANCE CLASSIFICATION
2.7         FAVOURABLE AND UNFAVOURABLE VARIANCE
CHAPTER THREE
3.0         DISCUSSION OF FINDINGS
3.1       CONCLUSION
3.2         RECOMMENDATION
BIBLIOGRAPHY  
CHAPTER ONE
1.0         BACKGROUND OF THE STUDY
Unplanned actions cannot be controlled for control entail keeping performance in the  form control is compelling actions it conform to plans. Planning and control of costs are useful for efficiency, productivity and profitability in an business organization. Cost plans come in many categories of which standard costing is involved.
            Standard costing is a  system of cost accounting which is designed to shoe in detail how much each product should cost to produce and sell when a business is operating at a stable level of efficiency and for a given volume of output. On the other hand, variance analysis is simply the explanation of the causes of deference between actual and preplanned or standard performance when an activity takes place.
1.1       STATEMENT OF PROBLEM
(A)         Difficulties arise with too frequent revision of standards especially ion an inflationary  period. This makes standards to lose their control and motivational effects.
(B)         It may be time consuming and costly to apply and to maintain up to alate.
(C)         No recognition is given to both top management and users of accounting information.
(D)         Failure to take adequate immediate actions. On cost variance reported to the management destroys the proper objectives of standard costing.
1.2         RESEARCH OBJECTIVES
The objectives of the research are as follows:
(A)       To ascertain how widely standard costing is used or applied in industries.          
(B)         To ascertain what areas standard costing techniques are being applied .
(C)         To ascertain attitudes of workers towards the implementation of the  technique.
To find out if any, short coming arising from implementation of the technique in industries.  
(E)         And finally to recommend remedies for already observed lapses as well as discovering possible necessary actions that could be done  to improve on the usefulness of the technique as an effect management tool.
1.3         PURPOSE OF THE  STUDY
(A)         This is to ascertain whether companies understand the system, possibly if they do, how has the system helped them  to achieve maximum efficiency in the production process ?
(B)         Whether the system assists companies in their decision making process, faxing of prices as a control of cost, reduction of costs and elimination of unprofitable products.
1.4         DIFFERENT BETWEEN RESEARCH OBJECTIVES AND PURPOSE OF SUDY   
RESEARCH OBJECTIVES: To develop a fundamental understanding of hydrologic conditions and contaminant transport process in arid regions. Ultimately, the research is in tended  to advance the state of hydrologic science and to  provide scientific information for those making decisions concerning waste isolation and water resources management in desert environments.
WHILE
PURPOSE OF THE STUDY: To build on the development feasibility and land use study conducted by the city in 1999-2000 which recommended that the city explore creation of a business park near gold strike park. Secondly to further build on the pilot Brown fields Assessment project that was made possible for and EDA grant. See executive summary of Brown filed Assessment and map of pilot Browfild  are Assessment sits for. Finally to explore redevelopment options for strategically located properties in collaboration with are property owners, neighbors and the government entitles.
1.5         SIGNIFICANCE OF THE STUDY
This project  will be of immense importance to students who are intending to make more research on standard costing and control by variance analysis in manufacturing industries.   As that is not enough, it will be  of immense importance of top management accountants and other officials of top management by giving them a true and detailed knowledge on the positive effects of setting standards, ways/ methods of setting standards and how to use the technique to achieve production control efficiency and effectively there by leading is cost minimization.
            It also reveals the benefits why non-accounting senior staff of organization should embrace the technique rather than seeing it as a problems to their freedom of action with wrong impression that thy are directed down to the last detail on how work should be done.
            Finally, it highlights some of the major problems that  are militating against the costing technique and the best possible ways through which problems can be handled.
1.6         DEFINITION OF TERMS
(A)       STANDARD COSTING: It is  a costing technique which establishes predetermined estimate of the cost of products and services and than compares these predetermined costs with actual costs.    
(B)       VARIANCE ANALYSIS: This is the process by which the total difference between the standard and actual costs is sub –divided.
©         COST VARIANCE : It is the difference between the  standard or budgeter costs and the comparable actual cost for a particular period.

STANDARD COSTING AND CONTROL BY VARIANCE ANALYSIS
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Details

Type Project
Department Accounting
Project ID ACC0515
Price ₦3,000 ($9)
Chapters 5 Chapters
No of Pages 35 Pages
Methodology nil
Reference YES
Format Microsoft Word

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    Details

    Type Project
    Department Accounting
    Project ID ACC0515
    Price ₦3,000 ($9)
    Chapters 5 Chapters
    No of Pages 35 Pages
    Methodology nil
    Reference YES
    Format Microsoft Word

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