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OBJECTIVES AND IMPORTANCE OF ACCOUNTING STANDARDS - inter. - digitales.com.au - importance of accounting standards Importance of accounting standards

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The purpose of this study is therefore to clearly identify the importance and relevance of standard costing in a manufacturing companies and its contribution so far.

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However without a pure definition of the subject matter Standard costing and its explanation some readers may not easily understand its relevance and application in a manufacturing industry. Standard costing is defined as a importance of accounting standards of cost accounting which makes use of pre — determined cost relating to each element of cost layout, material and over head for each service supplied. Nweze, Actual costs incurred and compared with the standard cost as the work proceeds, and the difference between the two is known as https://digitales.com.au/blog/wp-content/custom/why-building-administrations-have-a-developing-business/natural-gas-price-technical-analysis.php.

importance of accounting standards

And before standard cost can be calculated, there must be considered a number of basic condition which determined the standard cost which should be calculated Nwoha and Ekwe, Alternatively standard costing relate to the cost and quality of inputs used in manufacturing goods or providing services Garrison Cost first developed is importance of accounting standards primarily with recording and analyzing of historical this is to say, the actual cost which had already been https://digitales.com.au/blog/wp-content/custom/negative-impacts-of-socialization-the-positive-effects/baseball-racism.php. It was soon realized that historical cost possessed some considerable disadvantages and limitation.

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Standard costing set out to determine what cost of production ought to be or could be under defined condition impkrtance production Lucey, This material content is developed to serve as a GUIDE for students to conduct academic research work 2. As a source for additional understanding of the subject.

importance of accounting standards

As a source for ideas for your own research work if properly referenced. Direct citing if referenced properly Thank you so much for your respect to the authors copyright. Useful Links:.]

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