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Title Details:
Standard costing and variance analysis
Authors: Aggelopoulos, Eleftherios
Georgopoulos, Antonios
The sixth chapter chapter deals with the purpose and principles of standard costing. Standard costing provides an additional cost management control tool that informs management on the required cost amounts to produce a product, thus allowing the comparison between standard and actual cost performance. The standard costing method differs significantly from the actual costing method because it uses estimated costs to calculate the three components of product cost (direct materials, direct labor and overheads). Therefore, the standard costing along with the variance analysis are important tasks in order to set budgets and control costs. The implementation of standard costing can be combined with the activity-based costing (ABS) technique.
Linguistic Editors: Lampropoulos, Ioannis
Graphic Editors: Kalogera, Maria
Type: Chapter
Creation Date: 2022
Item Details:
License: Attribution - NonCommercial - ShareAlike 4.0 International (CC BY-NC-SA 4.0)
Bibliographic Reference: Aggelopoulos, E., & Georgopoulos, A. (2022). Standard costing and variance analysis [Chapter]. In Aggelopoulos, E., & Georgopoulos, A. 2022. Management Accounting [Undergraduate textbook]. Kallipos, Open Academic Editions.
Language: Greek
Is Part of: Management Accounting
Publication Origin: Kallipos, Open Academic Editions