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Standard costing

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SUJOY KR PAUL
SUJOY KR PAUL
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Standard Costing Sujoykrpaul Assam University,silchar
Specialized technique of costing for cost control, Provides yardsticks or norms; Std. is fixed, compare & analyzed for reasons; Responsibility is fixed on each variance, Corrective measures are taken accordingly
useful Decision making Production planning, Policy formulation, Proper Budgeting Feedback system
Advantages Formulation of price & Production policies, Measuring efficiency Elimination of wastage & efficiency Cost consciousness Better capacity to anticipate Management by exceptions
Advantages over Historical
Standard costing & Budgetary Control
Limitations Costly as need the periodic revision Need high technical skill Correct standard are rarely made Some Industries demand frequent revision(technological) Applicable for specific industries (production takes place >1yr)
Variance Analysis(What should be the cost?) Process of analyzing variance, Difference between actual & standard, Cost reduction Efficient use of material & labor Favorable Variance(Profit/efficiency) & Unfavorable variance (Loss/inefficiency)
Purpose of variance Provide practical pointers to the causes of off-standard performance, Must fulfill the need of the org. Calculation is useful,
Standard costing

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Standard costing

  • 1. Standard Costing Sujoykrpaul Assam University,silchar
  • 2. Specialized technique of costing for cost control, Provides yardsticks or norms; Std. is fixed, compare & analyzed for reasons; Responsibility is fixed on each variance, Corrective measures are taken accordingly
  • 3. useful Decision making Production planning, Policy formulation, Proper Budgeting Feedback system
  • 4. Advantages Formulation of price & Production policies, Measuring efficiency Elimination of wastage & efficiency Cost consciousness Better capacity to anticipate Management by exceptions
  • 6. Standard costing & Budgetary Control
  • 7. Limitations Costly as need the periodic revision Need high technical skill Correct standard are rarely made Some Industries demand frequent revision(technological) Applicable for specific industries (production takes place >1yr)
  • 8. Variance Analysis(What should be the cost?) Process of analyzing variance, Difference between actual & standard, Cost reduction Efficient use of material & labor Favorable Variance(Profit/efficiency) & Unfavorable variance (Loss/inefficiency)
  • 9.
  • 10. Purpose of variance Provide practical pointers to the causes of off-standard performance, Must fulfill the need of the org. Calculation is useful,