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Finance & Accounting
Pages 7 (1757 words)
Healthcare Heat Lamps Table of Contents Table of Contents 2 Introduction 3 Standard Costing 3 The Key Assumptions Related to the Calculation of Standard Costs 5 Critical Evaluation of Standard Costing 7 Strengths and weaknesses of the Standard Costing 9 Recommendations 10 Operational Statement on Standard Costing 11 Conclusion 12 References 13 Bibliography 15 Introduction The controlling of the cost management process further can be identified as related with the proper planning, coordinating, evaluating and assessment of the financial as well as management activities (IRS, n.d.).
To be noted, these processes are often followed through the implementations of standard costing methods (Berger, 2011). However, standard costing possesses both negatives and positives in offering better control to the management when applying cost management strategies. The same will be discussed in this report, taking the example of Healthcare Heat Lamps. Starting with a generalised perspective, the term, ‘standard costing’ will be defined along with the key assumptions of these mechanisms. Standard Costing The term ‘Standard’ refers to the creation of a benchmark or yardstick. Accordingly, the word ‘Standard Costing’ has been defined by the Institute of Cost and Management Accountant of London as a predetermined cost which is taken into concern when producing or performing other operations to distribute each product and/or service to the customers under normal economic conditions. ...
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