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Cost Management Concepts

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Publisher ICSI
Number of Pages 51
Available in all digital devices
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Introduction Costs are of two types Historic Future Costs. Historic costs are those costs which are already incurred in the past. Future costs are those costs which are to be incurred in future. They include - Estimated cost - Standard Cost Estimated costs are costs that are likely to be incurred in the future. These costs are always subject to changes. Standard cost is a cost that is ought to incurred in a given operating conditions. It is a scientifically predetermined cost. These costs are rigid in nature. There is no room for flexibility. Standard cost is a cost which is computed in advance of operating activity. Standards are fixed for both Quantity and Prices. Cost expenses should always be on actuals. Variance Standard Actual Standard costing Variance analysis VARIANCES
TOTAL COST VARIANCE TCV TCV Standard cost for actual output Actual cost for actual output.
Material Cost Variance
Labour Cost Variance
Variance OH Cost Variance
2 50
Fixed OH Cost Variance
Cost Management Concepts
a Material Cost Variance SQ Standard Quantity for actual Output Actual Output Raw material required per unit. AQ Actual input for actual output.