Management Finance - Essay Example

Only on StudentShare

Extract of sample
Management Finance

Behavioral issues of standard costing include planning and operational variances which further includes materials, sales and labor variances. Planning and operational variances mean when plans or standards of a budget are normally depending on the expected environment where targets are decided. But in reality if the environment is not same as the expected one then the actual performance is compared with the standard performance to measure the changed conditions. In planning variance, we compare the set up standard with the revised standard and in operational variance we compare the actual output with the revised standard. The other important behavioral issues of standard costing involve Variable overhead variance and fixed overhead variance. Variable overhead variance can be defined as the difference between the standard or planned variable overhead cost which is allowed for the actual output and the variable overhead cost that has actually occurred. The variance is also called as expenditure variance as the variable overhead cost can vary with change in production thus a change in expenses amount can also be the reason of such variance (Drury, 2008, p.432). It can be expressed as follows- Fixed overhead is the portion of total overhead cost variance which can be occurred due to the difference between the standard cost of fixed overhead allowed for the output which is produced in actual. ...Show more

Summary

Finance and Accounting Management Finance Contents A. Behavioral issues that may emerge as a result of the current budgetary reporting system 3 B. Changes that should be made to the reporting system 7 C. Revised Report for the quarter ended August 8 References 11 Bibliography 13 A…
Author : zkris
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Management Finance"
with a personal 20% discount.
Grab the best paper

Related Essays

Risk Management for Finance Sector Enterprises
Barings Bank has faced several market risks including concentration of power in a single hand, monitoring of the daily activities, funding allocation, hedging of the position of the bank in the market and checking of the closing position and trading limits.
19 pages (4750 words) Essay
BSc Accounting and Finance: Financial Management
The development of critical business decisions is a complex and demanding activity. The use of appropriately customized management tools and practices can reduce the relevant risks. In any case, the current status of the organization needs to be taken into consideration – referring especially to the potential of the firm.
11 pages (2750 words) Essay
Money Management Finance and Accounting Assignment
This report would discuss on a particular case as to how an individual may be able to utilize a saved amount of funds after he has reached his retirement, which approach may prove to be a better approach for the individual and which stock should he select to invest depending on different factors that need to be taken into consideration.
8 pages (2000 words) Assignment
Finance and Asset Management Report
The company holds a massive portfolio of investment property under different areas such as residential, freehold, retail, office based etc. PERFORMANCE EVALUATION The performance evaluation of Great Portland Estate has been conducted over the period of last three years i.e.
9 pages (2250 words) Essay
Finance management for business
Corporate finance is a division which looks after the financial activities of an organisation. It is determined for maximising the shareholder’s value by means of short term or long term financial planning followed by the implementation of effective strategies.
8 pages (2000 words) Assignment
Management and finance
Since the budget is just an estimate of what management wishes to achieve within a specific period, the organization does not always attain the targets specified in the budget (Sherman, 2011, p. 76). The organization usually fails to achieve this target because there is no certainty of future occurrences.
10 pages (2500 words) Essay
MID-YEAR ASSESSMENT Management Finance
In its quest for improvement Charles Ltd implemented a new budgetary system that helped it to compare its performance after a given period of time. Although the idea of implementing such a system was to benefit the overall entire organization, the director failed to take into account the behavioural issues that were associated with its implementation.
9 pages (2250 words) Assignment
Financial Statment
For a company to be considered financially healthy, ideally it should have greater assets than liabilities. However, liabilities
2 pages (500 words) Essay
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT