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.
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Answer:
Explanation:
Given
Probability of a person to not enter into a bar or ducking is 
Probability of a person to enter into a bar
(Probability of a person to not enter into a bar or ducking)
Substituting the given value, we get
Probability of a person to enter into a bar
Total three men attempts to enter into the bar and their course of action is independent of each others
Thus, probability of observing the first two walking into the bar and the third ducking will be equal to the product of individual probabilities
Answer:
a. 9%
b. Yes, the firm earning an economic profit of 2%
c. Yes, Industry will see entry or exits
d. Rate of return of economy = 7%
Explanation:
a. Percentage rate of return = Earning ÷ Investment by founders × 100
= $18 ÷ $200 × 100
= 9%
b. Company rate of profit - Rate of profit of economy
= 9% - 7%
= 2% > 0
Yes, the firm earning an economic profit of 2%
c. Yes, Industry will see entry or exits because industry is competitive in nature and would to like to compete to others by satisfying the consumers . In perfect competitive markets there will be no entry or exits and critical characteristics reason companies are free for entry and exit for marginal profits.
d. Industry is competitive , there will be supplier to serve the market and its hard to decide the price of the product.
Hence, the rate of return long run equilibrium earned by firm = Rate of return of economy = 7%
Answer:
The correct answer is D. When the product is sold and delivered to a customer.
Explanation:
It is recognized at the time of the sale, because the company receives an income as a result of the recovery of its cost plus the established profit margin. When the sale has not been made, it remains within the product inventories until the sale occurs and becomes an operational income.
I'm guessing this is True or False
If so, the answer is False.
