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What ARE the disadvantages of standard costing?

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Q: What is the disadvantages of standard costing?
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What are the main features of standard costing system?

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How is standard costing variance interrelated?

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Distinction between standard costing and actual costing?

Standard costing is process of determining the standard price require to produce one unit of product while actual costing system uses the actual prices of manufacturing one unit of product.


Define process costing its types features applications?

Job Order Costing Operation Costing Normal Costing Actual Costing Standard Costing Kaizen Costing Target Cost


How can standard costing help management in determining performance of a manager?

Standard costing is a set target where it is used as a goal to monitor progress


What are the differences between standard and target costing?

Standard costing will be the price for something. Mostly in every store. The target costing is when one says what one is willing to pay and they can negotiate the cost.


What are the advantages and disadvantages of overhead costing?

The advantages are that you will be able to get more things for the business. The disadvantages are that they are a lot of costs.


What is the role of standard costing in industry?

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What can undermine the value of using standard costing?

Imposing standard costs without communicating in an honest, candid manner will undermine much of the perceived value of such costing.