📝 One-liners · 82 cards
Standard Costing
What are examples of fixed overhead expenditures?
Rent, depreciation, supervisors' salaries, factory insurance.
Can fixed overheads change despite being 'fixed'?
Yes, due to price increases, salary increments, personnel deployment, depreciation policy changes.
What is the primary purpose of standard costing?
Identify inefficiencies (variances) and enable management corrective action.
Why must variance reporting be prompt?
Delays prevent timely corrective action; losses accumulate while causes are still being found.
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