Standard Costing

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“STANDARD COSTING OF HOTEL INDUSTRY”

MASTER OF COMMERCE
ACCOUNTANCY & FINANCE
PART-I
(2012-2013)

SUBMITTED BY:
VISHAL A. GUPTA
ROLL NO. 20

SUBMITTED
In Partial Fulfillment of the requirements for the Award of the Master In Commerce Part I 2012-2013

PROJECT GUIDE:
MISS. BHAVANA PATIL

K. J. SOMAIYA COLLEGE OF SCIENCE & COMMERCE VIDYAVIHAR (EAST), MUMBAI – 400 077.

K. J. SOMAIYA COLLEGE OF SCIENCE & COMMERCE,
VIDYAVIHAR (EAST), MUMBAI – 400 077.

CERTIFICATE

This is to certify that VISHAL A. GUPTA of M.COM ACCOUNTANCY& FINANCE PART-I (2012-2013) has successfully completed the project on “STANDARD COSTING OF HOTEL INDUSTRY” under the guidance of MISS. BHAVANA PATIL.

----------------------------------------------------------------------------------------------------------------------- COURCE CO-ORDINATORPRINCIPAL
(MRS. SMITA DAYAL)(Dr. M)

---------------------------------------------
PROJECT GUIDE
(MISS. BHAVANA PATIL)

DECLARATION

I, ARUN A. GUPTA the student of MASTER IN COMMERCE PART - I (2012-2013) hereby declares that I have completed Project on “STANDARD COSTING OF HOTEL INDUSTRY”.

Wherever the data/information has been taken from any book or other sources have been mentioned in bibliography.

The information submitted is true and original to the best of my knowledge.

SIGANTURE OF STUDENT,

-------------------------------
VISHAL A. GUPTA
(ROLL NO : 20)

ACKNOWLEDGEMENT
On the event of completion of my project “STANDARD COSTING OF HOTEL INDUSTRY”. I take the opportunity to express my deep sense of gratitude towards all those people without whose guidance, inspiration, & timely help this project would have never seen the light of day.

Heartily thanks to Mumbai University for giving me the opportunity to work on this project. I would also like to thank our principal D for giving us this brilliant opportunity to work on this project.

Any accomplishment requires the effort of many people and this project is not different. I find great pleasure in expressing my deepest sense of gratitude towards my project guide “MISS. BHAVANA PATIL”, whose guidance & inspiration right from the conceptualization to the finishing stages proved to be very essential & valuable in the completion of the completion of the project.

I would like to thank Library staff, all my classmates, and friends for their invaluable suggestions & guidance for my project work.

Lastly I would like to thank My Parents without whose consent & support it would have not been possible for me to complete this project. STUDENT’S SIGNATURE
_______________
VISHAL A. GUPTA (Roll No. 20) Table of contents|

Sr.No| Topics| Page No.|
Chapter| | |
1.| History of Standard Costing| |
2.| Introduction of Standard Costing| |
3.| Definition of Standard Costing| |
4.| Benefits of Standard Costing| |
4.1| Cost Control| |
4.2| Smooth out Short-term Fluctuations in direct costs| | 4.3| Costing systems that use budgeted data are economical:| | 5.| HOTEL INDUSTRY | |
6.| Variances of Standard Costing| |
7.| TAJ HOTEL (MUMBAI) 7.1- History| |
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History of standard costing
Standard costing has been used for over a 100 years. Early last century financial accountants were interested in finding a better way of valuing stocks and work-inprogress, important elements the calculation of profit and the concept of standard costing was born. Some historians say the origins of standard costing go back even further and have found evidence it was used in the American Civil War by quarter masters as a means of controlling costs. It doesn’t really matter when the technique was...
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