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1 year ago

The difference between the actual cost incurred and the standard cost is called the?

1 answer:

Taya2010 [7]1 year ago

4 0

A Standard Cost Variance is a difference between the actual cost incurred and the standard cost against which it is measured.

The main difference between normal costing and standard costing is that normal costing uses actual costs for material and direct labor costs, whereas standard costing uses predefined costs for these two items. That's it.

This difference between standard cost and actual cost is called variance. An unfavorable variance occurs if the actual cost is higher than the standard.

The main difference between marginal costing and standard costing is that marginal cost is a subset of standard cost and standard is a superset of marginal costing. Description: Standard costing is a costing method and there are two types of costing methods.

Learn more about Standard Cost Variance here: brainly.com/question/25790358

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A company uses the allowance method to account for uncollectible accounts receivables. When the firm writes off a specific custo

Butoxors [25]

Answer:

A) Total current assets are reduced

Explanation:

The account receivables are included in the Current Assets side and when the company writes off the debt of a client it reduce the value of the assets in the balance sheets to reflect that the amount to be collected it's less that the current amount.

This reduction in the Current Assets have an impact in the Losses of the company in the Income Statement and it must be reflected.

3 0

3 years ago

Suppose Nike, Inc. reported the following plant assets and intangible assets for the year ended May 31, 2022 (in millions): othe

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Answer:

NIKE, INC.

Partial Balance Sheet as of May 31, 2022

(in millions)

Property, Plant and Equipment

Land $220.0

Buildings $980.0

Machinery and Equipment $2160.0

Other Plant Assets $935.0

Less: Accumulated Depreciation $2200.0 $1875.0

Total Property, Plant and Equipment $2095.0

Intangible Assets:

Goodwill $210.0

Patents and Trademarks $510.0

Less: Accumulated Amortization $50.0 $460.0

Total Intangible Assets $670.0

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3 years ago

Mary Stahley invested $1500 in a 48-month certificate of deposit (CD) that earned 6.5% annual simple interest. When the CD matur

ASHA 777 [7]

Answer:

$12714.98

Explanation:

Data provided in the question:

Initial amount invested = $1,500

Simple interest rate = 6.5%

Duration for simple interest = 48 months = 4 years

Now,

Simple interest = Amount × Interest rate × Time

= $1,500 × 0.065 × 4

= $390

Therefore,

Total amount = $1500 + $390

= $1890

Now

The amount = $1890 is invested in mutual fund which is compounded annually at 21% for 10 years

thus,

Final amount = Principle × (1 + r)ⁿ

here, r = 21% = 0.21

n = 10 years

Therefore,

Final amount = $1890 × (1 + 0.21)¹⁰

= $12714.98

5 0

3 years ago

In a cellular layout, additional floor space is required because machines are not very closely linked within a cell.A. TrueB. Fa

Mars2501 [29]

In a cellular layout, additional floor space is required because machines are not very closely linked within a cell.

This statement is False. The correct answer is B

Explanation:

In a cellular layout, additional floor space is not required because machines are very closely linked within a cell.

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3 years ago

Read 2 more answers

On January 1, 20X8, Polo Corporation acquired 75 percent of Stallion Company's voting common stock for $300,000. At the time of

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Answer:

Explanation:

Base on the question been given to us, we can solve this using equity method as seen below

Investments in Polo = 300000+0.75*(40000-10000-5000*)

300000+0.75*(25000)

300000+18750

$318,750

Increase in value of Patent $50,000

Economic Life 10

Amortization $5,000

The $ 5000 would be reduced from the net income

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3 years ago