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Standard Costing & Variance Analysis

Standard Costing & Variance Analysis

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Published by: Imnone on Apr 29, 2011
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11/30/2012

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Standard Costing & Variance Analysis
Chapter 13
Prepared By : Prof. Megha Shah (GLS-MBA)
 
M
eaning of Standard Costing 
Standard costing is a technique which is used inmany industries, where production is of repetitive nature
CIMA, London, -standard costing µas thepredetermined cost based on technicalestimates of materials, labour and overheads for selected period of time and for the prescribedset of working conditions¶.
In other words, standard cost is a predeterminedcost that should be attained under a given set of operating conditions.
 
 Variance Analysis
T
he deviation of actual from standard iscalled variance.
When the actual cost is less than standardcost or actual result is better than standardset, it is known as
favorable variance.
O
n the other hand, when actual cost exceedsstandards cost or actual result is not up tostandard, it is known as
u
nfavorable or adverse variance

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