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Standard Costing - Coggle Diagram
Standard Costing
Characteristics
Why?
Standards
Variances
Activity
Spending
Overview
Who is responsible?
Advantages
Manage by exception
Std's = benchmarks
Simplify accounting
Responsibility accounting
Problems
Outdated Std's
Labour = varialbe?
Favourable = bad?
Dysfunctional decisions
Meet std's = sufficient?
Journals
Material
Labour
Overhead
Variable
Fixed
Spending variances
Price
Quantity
Fixed OH variances
Budget
Volume
Reconciling variances
Favourable
Unfavourable