Discuss the usage and creation of standard costs by an operation.

PART A : Discuss the usage and creation of standard costs by an operation-one (1) Page
-Discuss the usage and creation of standard costs by an operation- Answer
– How are these costs developed? How can they be used in the creation of a future period forecast? Answer
-How might they be used in an individual or organizational measurement system? Answer
– Conclusion

Reference:
Readings
Finance for Nonfinancial Managers – Chapter 8 pp. 129-132
Siciliano G- Finance for non financial Managers, Second Edition, Ny

Resources
Standard Costs- Management by Exception
Transfer Pricing Best Practices
Cost Allocation
Activity-Based Costing
The Promise and Peril of Integrated Cost Systems
Measure Costs Right: Make the Right Decisions

PART : B Given your examination of costing systems and cost information so far in this course.-1 Page
– Given your examination of costing systems and cost information so far in this course, how might you start including more cost-based financial information in your decision-making processes? Answer

-Do you have the information you need today? If not, how would you get this information? answer
-What business activities do you currently do which could be done if you had better or more accurate cost systems? Answer
-Conclusion

Sources:
Readings
Finance for Nonfinancial Managers – Chapter 10 and chapter 8 pp. 130-132
What Is CVP and How Is it Important to Managerial Accounting?
Standard Costs and Variance Analysis
What is Variance Analysis?
Variance Analysis
When Should a Manager Use Variance & Sensitivity Analysis?

Siciliano G- Finance for non financial Managers, Second Edition, Ny

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