To help with choosing the articles for the assignment, I suggest the following:1. Choose a recent...

Question

To help with choosing the articles for the assignment, I suggest the following:1. Choose a recent and good real-life article/study on Standard Costing and Target Costing.2. Thenrefer to the reference list of the articleto view other real-life organisation studies on Standard Costing or Target Costing, that have been cited in that article.3. Email your Lecturer the full reference of the articles you choose to check and approve.4. You can choose 2 articles on each topic and your Lecturer can check if one is available.

Vasudha · Accepted Answer

Journal Article Critique
This report is the reflective analysis done on the two journals 
Rao & Bargerstock (2011) and Woods et al. (2012).
I. Reflections on the selected two peer reviewed journal articles based on the assignment topics. 
Standard costing is an estimation of the cost considering the pre-determined criteria. This may not be suitable for all kinds of business establishments. Each business functions in set of goals defined by their management and adopts under local conditions and environment. In this process, it may have to change the cost accordingly and incorporate the new cost to the product. 
Standard cost is good way of estimating the cost, while formulating the budget. There are certain standards and protocol set while estimating and the same needs to be followed during the budget period. Standard cost is useful in the inventory costing, overhead cost application, product cost and more importantly for the master and departmental budget.
As standard cost is the managerial tool in determining the effectiveness and efficiency of the operation. These cost are determined before they occur and is compared with the actual, which may not be equal grounds for comparison. It might be challenge for the management to take decisions on such analysis. Standard costing comparison and analysis with the actual numbers, will not give desired results for new industries or organizations where processes still to be standardized. 
Target costing and standard costing techniques although are designed to find the means of cost reduction, efficiency management; it takes considerable amount of time and cost in the implementation and the design stage, which small organizations and startup companies cannot afford and it also requires an element to adopt change from time to time, which again is a cost constraint.
II. Reflection on the research experience.
Research of a particular topic or a subject,

To help with choosing the articles for the assignment, I suggest the following: 1. Choose a recent and good real-life article/study on Standard Costing and Target Costing. 2. Thenrefer to the...

Solution

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment