Question
Is standard costing gaap?
Answers
Standard costing was developed to assist a manufacturer plan and control its operations. Generally accepted accounting principles or GAAP require that a manufacturer's financial statements comply with the cost principle. This means that the inventories, the cost of goods sold, and the resulting net income must reflect the manufacturer's actual costs.
Standard costing will meet the GAAP requirements if the variances between the standard costs and the actual costs are properly prorated to the inventories and to the cost of goods sold prior to issuing the financial statements.   Your Comment




  • Contributors: *,
More Finance Questions..
Very important Financial Tips that everyone should know..
What is a blank endorsement?
What is the difference between profit and gain?
What Is Account?
what is discount cash flow management?
List out things that fall under intangible asset?
How are period costs reported in the financial statements?
Tell me is financial accounting necessary?
Explain what is “over the counter market”?
What is gaap?
What are the most important goals of accounts receivable?
What are the basic financial statements?
Inspiron 1501 has complete care warranty and got dropped by customer accidentally. What kind of DPS do we create?

(A)Depot CCC

(B)Depot SCC

(C)Onsite with all needed parts

(D)Exchange System
Define the coefficient of correlation when in a negative amount?
Explain what is inflation and how is it measured?
When should a product warranty liability be recorded?
The Western Union Company , a global leader in money-transfer services, has recently announced the launch of its Digital Vendor Program intended to extend the reach and accessibility of Western Union Money Transfer(r) services to mobile finance initiatives in?
What is fbt (fringe benefit tax)?
Which items on a bank reconciliation will require a journal entry?
What are the different fields of accounting?


Search
Can you Answer!!
  • Q What are the functions of the proteins encoded by the genes?
  • Q How specific cutting pressure behaves with feed rate and what conclusion can be drawn from this ?
  • Q How do you debug your application for issues when multiple threads are being executed?
  • Q What is the capital city of Spain?
  • Q Syntex to execute a ufsdump ?
  • Q What is intrapleural pressure
  • Q  what are static blocks and static initalizers in Java ?
  • Q Write the differences between DynamicResource and StaticResource.
  • Q What is unshift() method in Javascript?
  • Q What is the method to force close a tooltip, which is currently visible
  • Q Can you Create & Deploy Sandbox Solutions in SharePoint 2013?