tailieunhanh - Lecture Managerial accounting: Chapter 8 - Weygandt, Kieso, & Kimmel

Chapter 8 - Performance evaluation through standard costs. After studying this chapter, you should be able to: Distinguish between a standard and a budget, identify the advantages of standard costs, describe how standards are set, indicate the formulas for determining direct materials and direct labor variances, state the formulas for determining manufacturing overhead variances,. | John Wiley & Sons, Inc. Prepared by Karleen Nordquist The College of St. Benedict. and St. John’s University. with contributions by Marianne Bradford The University of Tennessee. Gregory K. Lowry . Macon Technical Institute Managerial Accounting Weygandt, Kieso, & Kimmel Chapter 8 Performance Evaluation Through Standard Costs After studying this chapter, you should be able to: 1 Distinguish between a standard and a budget. 2 Identify the advantages of standard costs. 3 Describe how standards are set. 4 Indicate the formulas for determining direct materials and direct labor variances. 5 State the formulas for determining manufacturing overhead variances. 6 Discuss the reporting of variances. 7 Identify the features of a standard cost accounting system. Chapter 8 Performance Evaluation Through Standard Costs Preview of Chapter 8 Need for Standards Standards vs. Budgets Why Standard Costs? Setting Standards Ideal vs. Normal Case Study PERFORMANCE EVALUATION THROUGH STANDARD | John Wiley & Sons, Inc. Prepared by Karleen Nordquist The College of St. Benedict. and St. John’s University. with contributions by Marianne Bradford The University of Tennessee. Gregory K. Lowry . Macon Technical Institute Managerial Accounting Weygandt, Kieso, & Kimmel Chapter 8 Performance Evaluation Through Standard Costs After studying this chapter, you should be able to: 1 Distinguish between a standard and a budget. 2 Identify the advantages of standard costs. 3 Describe how standards are set. 4 Indicate the formulas for determining direct materials and direct labor variances. 5 State the formulas for determining manufacturing overhead variances. 6 Discuss the reporting of variances. 7 Identify the features of a standard cost accounting system. Chapter 8 Performance Evaluation Through Standard Costs Preview of Chapter 8 Need for Standards Standards vs. Budgets Why Standard Costs? Setting Standards Ideal vs. Normal Case Study PERFORMANCE EVALUATION THROUGH STANDARD COSTS Preview of Chapter 8 Variances from Standards Analyzing Reporting Standard Cost Accounting System Journal Entries Ledger Accounts Statement Presentation PERFORMANCE EVALUATION THROUGH STANDARD COSTS The Need for Standards Standards are common in business; those imposed by government agencies are often called regulations. In managerial accounting, standard costs are predetermined unit costs, which are used as measures of performance. The focus in this text is on manufacturing standards; however, standards are applicable to many types of businesses. Distinguish between a standard and a budget. Study Objective 1 Distinguishing Between Standards and Budgets Conceptually, standards and budgets are essentially the same. Both are pre-determined costs and both contribute significantly to management planning and control. A standard is a unit amount, whereas a budget is a total amount. A standard is concerned with each individual cost component that makes up the entire budget. Standard .

• Kế toán - Kiểm toán
• Managerial accounting
• Lecture Managerial accounting
• Standard costs
• Standard cost accounting system
• Direct materials
• Standard materials cost
• Managerial accounting for managers
• Profitability analysis
• Decision making
• Operations management majors
• Nonmanufacturing costs
• Classifications of costs
• Kế toán quản trị
• Managerial accounting information
• General cost classifi cations
• Product costs
• Process costing
• Standard costing systems
• Accounting information
• Managerial decision
• Process management
• Financial statement
• Cost concepts
• Managerial accounting basics
• Managerial cost
• Period costs
• Lecture Financial and managerial accounting
• Financial statements
• Managerial decisions
• Financial accounting
• Dynamic business environment
• Reporting manufacturing activities
• Accounting principles
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Relevant costing
• Accounting activities
• Business activities
• Income statement
• Accounting cycle
• Accounting for merchandising operations
• Merchandising operations
• Capital budgeting decisions
• Time value of money
• Income taxes
• After tax cost