TAILIEUCHUNG - Lecture Accounting (6th edition): Chapter 23 - Kimmel, Weygandt, Kieso

Chapter 23 - Standard costs and balanced scorecard. In this chapter students will be able to: Describe standard costs, determine direct materials variances, determine direct labor and total manufacturing overhead variances, prepare variance reports and balanced scorecards. | Standard Costs and Balanced Scorecard Kimmel ● Weygandt ● Kieso Accounting, Sixth Edition 23 Determine direct materials variances. CHAPTER OUTLINE Describe standard costs. 1 2 LEARNING OBJECTIVES Determine direct labor and total manufacturing overhead variances. 3 Prepare variance reports and balanced scorecards. 4 Both standards and budgets are predetermined costs, and both contribute to management planning and control. There is a difference: A standard is a unit amount. A budget is a total amount DISTINGUISHING BETWEEN STANDARDS AND BUDGETS LO 1 LEARNING OBJECTIVE Describe standard costs. 1 ILLUSTRATION 23-1 Advantages of standard costs Advantages LO 1 Setting standard costs requires input from all persons who have responsibility for costs and quantities. Standards should change whenever managers determine that the existing standard is not a good measure of performance. SETTING STANDARD COSTS LO 1 Ideal versus Normal Standards Companies set standards at one of two levels: Ideal standards represent optimum levels of performance under perfect operating conditions. Normal standards represent efficient levels of performance that are attainable under expected operating conditions. Properly set, normal standards should be rigorous but attainable. SETTING STANDARD COSTS LO 1 Most companies that use standards set them at a(n): optimum level. ideal level. normal level. practical level. SETTING STANDARD COSTS Question LO 1 How Do Standards Help a Business? A number of organizations, including corporations, consultants, and governmental agencies, share information regarding performance standards in an effort to create a standard set of measures for thousands of business processes. The group, referred to as the Open Standards Benchmarking Collaborative, includes IBM, Procter and Gamble, the . Navy, and the World Bank. Companies that are interested in participating can go to the group’s website and enter their information. Source: Becky Partida, “Benchmark Your .

• Kế toán - Kiểm toán
• Lecture Accounting
• Financial statements
• Business organization
• Accounting information
• Standard costs
• Balanced scorecard
• Financial accounting
• Lecture Financial accounting
• Management accounting
• Accounting standards
• Accounting equation
• Intermediate accounting
• Lecture Intermediate accounting
• Accounting process
• Accounting processing cycle
• Managerial accounting
• Accounting principles
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Merchandising operations
• Lecture Accounting 1
• Accounting for main transactions
• Accounting for purchases
• Accounting for sales
• Accounting for expenses
• Principle of accounting
• Lecture Principle of accounting
• The basic accounting equation
• Transaction analysis in accounting equation
• Calculate the accounting equation
• Lecture Advanced financial accounting
• Bài giảng Kế toán tài chính nâng cao
• Advanced financial accounting
• Accounting policies
• Accounting estimate
• Retrospective application
• Changes in accounting estimates
• Retrospective restatements
• Accounting assumptions
• Lecture Management accounting
• Bài giảng Kế toán quản trị
• Nature of management accounting
• Component of accounting system
• Financial system
• Lecture Accounting and financial system
• Ledger accounting
• Trial balance
• Completing the accounting cycle
• Accounting cycle
• Accounting worksheet
• Classified balance sheet
• Accounting changes
• Error corrections
• Accounting choices
• Accounting for business
• Lecture Accounting for business
• Accounting entity
• Classification of assets
• Accounting equation transactions