Benchmarking is the process of setting best standards for a particular task or area. Two common benchmarks to evaluate actual performance are Past performance and budgeted performance. Past performance benchmarking system compares the actual performance with the pats performance. Budgeted performance benchmarking system compares the actual performance with budgeted standards. Standard Costing system allows estimating the costs, preparing budgets for future periods, and analyzing the performance by comparing the budgets with actual results and find variances. To discuss: The Benchmarking and its benefits for a company

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Answer 1

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Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 4, Problem 15Q

To determine

Concept introduction:

Benchmarking is the process of setting best standards for a particular task or area. Two common benchmarks to evaluate actual performance are Past performance and budgeted performance. Past performance benchmarking system compares the actual performance with the pats performance. Budgeted performance benchmarking system compares the actual performance with budgeted standards.

Standard Costing system allows estimating the costs, preparing budgets for future periods, and analyzing the performance by comparing the budgets with actual results and find variances.

To discuss:

The Benchmarking and its benefits for a company

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Answer 2

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 4, Problem 15Q

To determine

Concept introduction:

Benchmarking is the process of setting best standards for a particular task or area. Two common benchmarks to evaluate actual performance are Past performance and budgeted performance. Past performance benchmarking system compares the actual performance with the pats performance. Budgeted performance benchmarking system compares the actual performance with budgeted standards.

Standard Costing system allows estimating the costs, preparing budgets for future periods, and analyzing the performance by comparing the budgets with actual results and find variances.

To discuss:

The Benchmarking and its benefits for a company

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 4, Problem 15Q

To determine

Concept introduction:

Benchmarking is the process of setting best standards for a particular task or area. Two common benchmarks to evaluate actual performance are Past performance and budgeted performance. Past performance benchmarking system compares the actual performance with the pats performance. Budgeted performance benchmarking system compares the actual performance with budgeted standards.

Standard Costing system allows estimating the costs, preparing budgets for future periods, and analyzing the performance by comparing the budgets with actual results and find variances.

To discuss:

The Benchmarking and its benefits for a company

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 4, Problem 15Q

To determine