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– Nelson Mandela

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Often businessmen suffer from dilemmas on how to maintain ethics in business and to maintain the right form of ethics. Utilitarianism is associated with concerning doing the things that result in the...

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Accounting _Lesson 12 Essay

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Q Standard Costs a. Select at least two of the following types of organizations and describe at least two types of standard costs they might use: • Cleaning service • Insurance agent/agency • Physician’s office • Lube and tire shop b. Additionally, explain the types of direct and overhead variances each of your selected organizations might encounter. Provide an example of each.

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A standard cost can be regarded as a cost that is predetermined by producing a specific quantity or a single unit of a product during a particular period. The cost is planned for a product under anticipated or/and current conditions of operating. Two components are there of a standard cost which are prices (per unit rate of input or a standard cost) and a physical standard (inputs in a standard quantity per output unit) ("What is Standard Cost?", 2018).