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ACC 206 Week 4 DQ1 Issues in Standard Costs and Budgeting

A discussion on issues related to standard costs and budgeting processes in management accounting.

Ethan Wilson
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ACC206Week4DQ1IssuesinStandardCostsandBudgetingACC206Week4DQ1IssuesinStandardCostsandBudgetingReviewtheStandardcosts:wakeupandsmellthecoffee.article.Whenevaluatingperformance,manyorganizationscomparecurrentresultswiththeactualresultsofpreviousaccountingperiods.Isanorganizationthatfollowsthisapproachlikelytoencounteranyproblems?Explain.GuidedResponse:Reviewyourpeers’postsandrespondtoatleasttwoofyourclassmates.Describehowjobordercosting,processcosting,oractivitybasedcostingcouldresolveorexacerbatetheissuesyourclassmatesdiscussedintheirinitialposts.Ifanorganizationtriestocomparecurrentresultswithactualresultsofapreviousaccountingperiodtheycanopenthemselvesuptoseriousproblems.Thebiggestproblemiswhenthedefinitionandunderstandingofwhattheorganization'spreviousyearsstandardforthatmeasurablestatisticreallyismeasuringfortheorganizationsbudgetgoals(CIMA,2010).Anexamplemightbeiftheorganizationhas+StudyXY

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Document Details

University
Ashford University
Subject
Accounting

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