Disclaimer: This work has been submitted by a student. This is not an example of the work written by professional academic writers. Here you can order a professional work. Find a price that suits your requirements. Several examples illustrate opportunity costs.
Standard costing is an important subtopic of cost accounting. It is the practice of substituting an expected cost for an actual cost in the accounting records, and then periodically recording variances showing the difference between the expected and actual costs. Historical costs are the actual costs that are ascertained after they are incurred. During the initial stages of development of cost accounting, historical costing systems like process costing, contract costing, service costing etc. Since standard costs are usually slightly different from actual costs, the cost accountant periodically calculates variances that break out differences caused by such factors as labor rate changes and the cost of materials.
A business enterprise must survive, grow, and prosper. With the liberalization of the Indian Economy and Globalization, there is now a cut throat competition from various concerns of the world. As a result there is now a race to secure a place for survival.
Last Updated: March 25, References Approved. This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness. This article has been viewed 1,, times. Learn more Concept papers describe the purpose and projected outcomes of the project, and are delivered to potential sponsors.