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Standard Costing System

05 / 03 / 2018 Assignment

This paper circulates around the core theme of Standard Costing System together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.

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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