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3 pages/≈825 words
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APA
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Accounting, Finance, SPSS
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English (U.S.)
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Week VI Research. Description of Standard Cost. Accounting, Finance

Essay Instructions:

Instructions
Use the textbook  Zimmerman, J. L. (2014).  Accounting for decision making and control (8th ed.). New York, NY: McGraw-Hill Education. and other reliable sources. Write a paper on one of the major topics listed below and incorporate at least five other related empirical studies of your choice:
Research the topic of standard cost. When writing your paper, be sure to answer the following questions, in addition to providing any other information you wish to include. How does this valuation method assign costs to products and services? Identify and describe three areas in which standard costs can be used in the decision-making process. Compare and contrast target costing and traditional standard costs.
Research the topic of direct labor and materials variance. When writing your paper, be sure to answer the following questions, in addition to providing any other information you wish to include. Compare and contrast direct labor and materials variance. How would a company use each of them related to accounting? What are benefits of using the direct labor and materials variance?
Research the topic of joint costs. When writing your paper, be sure to answer the following questions, in addition to providing any other information you wish to include. Search information on incentive effects of direct labor and materials variance. Explain five subtle incentive effects. What are some externalities created by standard cost variances?
Research the topic of incentive effects of direct labor and materials variance. When writing your paper, be sure to answer the following questions, in addition to providing any other information you wish to include. How are cost variances closed at the end of an accounting period? What are the three ways in which cost variances are written off? Why are some firms dropping standard cost systems?
The purpose of this Research Paper is for you to culminate the learning achieved in the course by describing your understanding and application of knowledge in the field of accounting. The paper must:
Identify the main issues in the chosen area. Contain and reference new learning that has occurred. Build upon class activities or incidents that facilitated learning and understanding. Present specific current and/or future applications and relevance to the typical workplace.The Research Paper should also focus on real-life, real-time application of topics covered in this course, the uses you have seen and the uses you can envision.The Research Paper: Must be two to four double-spaced pages in length (not including the title page and references page). Must include a cover page that includes:o Student’s name,o Course name and number,o Title of paper,o Instructor’s name, ando Date submitted. Must address the topic of the paper with critical thought. Must use at least five empirical studies as references.Format your Research Paper using APA style. Use your own words and include citations and references as needed to avoid plagiarism.

Essay Sample Content Preview:

STANDARD COST
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Introduction
Description of Standard Cost
Standard costing involves estimating the cost of doing a task or production of a good or service under normal conditions. When one uses standard cost approach, he/she uses it as a target cost or instead as a way of comparing with the actual costs (Kristensen, 2020). Standard costs are mostly used in manufacturing companies' costs of direct material, direct labour, among others.
Literature Review
Minimizing the cost of production and controlling the costs due to the limited nature of resources within a business is one of the main objectives of any organization determined to excel. According to Kumar (2019), setting costs is critical in determining the control of the activities in an organization. Decision making on how products should get sold needs a thorough evaluation of the manufacturing costs of the product to ensure the desired goals are easily achieved.
Standard costs, as used by most companies, help them in developing flexible budgets. Therefore, it makes the manager's work easier when it comes to the preparation of the master budget. It also helps him to identify the performance standards and try to set the levels of performance.
The structure in determining the standard cost may not get taken lightly since it involves many departments implored to come up with the standard cost of a product, after which the company can evaluate any variances (McKinstry, Kininmonth & Mathieson, 2019). The dissimilarity for the standard cost and the real performance brings about the variation, which can be favourable or unfavourable.
Assigning standard costs to products and services
First of all, it is essential to note that the best time to establish standards for the cost is to prepare the budget; by managing material, labor, and overhead costs to come up with sensible sales price for a good. The amount used to buy stuff, the labor used, and other expenses paid in the manufacturing process are vital in identifying the actual cost and standard charge of a good.
Three application areas of standard cost
First is managerial planning- mostly when we bring in the issue of administrative planning we think of budgeting, which is true. Once the management comes up with the right cost standards and perfectly controls the manufacture costs, any real cost in the prospect will be close to usual. Therefore, the administration can easily plan to use the standard cost to make an accurate financial plan.
When a Standard cost system gets appropriately used in the process of making decisions, the results are always reasonable since most aspects are looked into or instead considered in the best way ...
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