Objectives: ← To understand the meaning of standard costing‚ its meaning and definition ← To learn its advantages and limitations ← To learn how to set of standards and determinations ← To learn how to revise standards Introduction: Standard costing is a very practical and therefore widely used costing system‚ in businesses that make a range of products which‚ although different‚ pass through standard and repetitive processes and machinery. Standard cost is the estimated cost of material
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questions given at the end. Case Study Labor standards Geeta & Company has experienced increased production costs. The primary area of concern identified by management is direct labor. The company is considering adopting a standard cost system to help control labor and other costs. Useful historical data are not available because detailed production records have not been maintained. To establish labor standards‚ Geeta & Company has retained an engineering consulting
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References: Business Dictionary (2013). Standard Cost Retrieved on May 4‚ 2013 from‚ http://www.businessdictionary.com/definition/standard-cost.html Noreen‚ E.‚ Brewer‚ P.‚ Garrison‚ R. (2011). Managerial Accounting for Managers Retrieved on May 4‚ 2013 from‚ http://digitalbookshelf.southuniversity.edu
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measurement analyst define this as the time it should take an experienced and well-trained operator to perform the job in a specific and well-defined method at a speed that can be maintained all day‚ day after day‚ without undue fatigue. This time‚ called standard time‚ can be divided into several parts: the actual elements used to perform the job; the rating factor used to determine the "normal" pace of these elements (the method used to determine the "ought to" time); and an allowance for personal time‚
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The flawed-but-legal “standards” In 2008‚ a food safety problem swept Canada : Ready-to-eat meat products from Maple Leaf were found to be contaminated by a virulent strain of listeria with an unusual high rate‚ leading to s oaring death reports. It was s aid that two thirds of Maple Leaf meat samples collected from Toronto hospitals and nursing homes tested positive for the pathogen (Cribb‚ 2008). The underlying ethical issues behind the whole thing a roused controvers ies broadly. Maple Leaf
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In my opinion‚ national income is a good indicator to measure the standard of living. The gross domestic product (GDP) or gross domestic income (GDI) is one of the measures of national income and input for a given country’s economy GDP is the total market value of all final goods and services produced within a country in a given period of time. GDP is the best single measure of the economic well-being of a society. GDP per person tells us the income and expenditure of the average person in the economy
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Emerging Standards of Care Deanna Powell NUR/531 December 9‚ 2012 Melanie Wassel Emerging Standards of Care Diversity is exhibited in many ways‚ including a multiplicity of upbringing‚ dress‚ thought‚ lifestyle‚ values‚ food preferences‚ family relationships‚ and in gender‚ ethnicity‚ and age. These factors exist throughout the gamut of health care patients and the interactions designed with the nurses who care for them. Diversity in healthcare refers to the cultural setting in how the patient
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Case 10-27 /Rigging Standards 1) How did Preston Lansing Probably ‘rig’ the standard costs-are the standards set too high or too low? Explain The standards are set too high. When the products are run at a lower cost than the standard‚ then this produces a favorable variance. The cost of goods sold and variance should net to the correct cost though and this is the reason the system creates the variance. Lansing set a loose standard which the standard quantities and standard price are high‚ flowing
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responsibilities of own work role. In my current role as a senior care assistant it’s my duty to maintain standards of care within the organisation by following guidelines set out from the organisations that inspect and govern the home. As a senior/shift leader it is my duty to ensure that staff at the home conform to these requirements completing their tasks and maintaining the high standards of care within the organization. Part of my role is to support the Manager in charge of the home in aspects
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Professional Standards IT/237 October 31‚ 2012 Professional Standards In this paper we will look at <meta> tags being used to promote accessibility and search engine optimization. We will also look at why it is important to have professional standards in web development. These two items are very important to consider when designing and developing a website. Meta tags‚ which are “tags that include information such as the page author or description” (Martinez‚ n.d.). Meta tags are used
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