Standard Costing System

Question: Write a report on the utilisation of standard costing system as a measurement tool of productivity and quality. Discuss the effects of standard costing system on the profitability, financial planning and behaviour of employees of the business organisations by referring to at least ten published articles. Report Requirement: Part 1: Introduction on standard costing system. (16 of 100 marks) - 440 words Clear introduction covering all the following: • Meaning of standard costing. • Types of standard cost -Ideal Standard -Practical Standard • How actual costs and standard costs are compared. Part 2: Discussion on the importance of standard costing system to business organisations. (28 of 100 marks) – 770 words • Detailed and clear discussion on the importance of standard costing system to business organisations. Part 3: Description on how the standard costing system could be useful in measuring productivity and quality. (28 of 100 marks) – 770 words • Detailed and clear description on how the standard costing system could be useful in measuring productivity and quality. • Efficiency Variance (quantity) - Direct material Direct Labour, - Direct labour efficiency variance, - Variable overhead efficiency variance - Production Volume variance Part 4: Effects of standard costing system on the profitability, financial planning and behaviour of employees of business organisations. refer Journal . (28 of 100 marks) – 770 words Clear discussion on the effects of standard costing system covering all the following aspects: • Profitability • Price Variance - Direct material price variance, - Direct Labour rate variance, - Variance Overhaed spending variance, - Budget variance (Fixed Overhaed) • Financial planning • Behaviour of employees – if more profit>reward to staff>more motivate>more efficiency working *Budget vs Actual. (Articles and citations in accordance to APA were given)


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