INDEX

CHAPTER I

A. Introduction

B. History

C. Meaning, Definition, Objectives & Elements

D. Rational behind the Study

CHAPTER II

Review of the Project

CHAPTER III

Data (Variance) Analysis

CHAPTER IV

Completion of Data collected

CHAPTER V

Summary and Conclusion

APPENDIX

Questionaries’

Bibliography
 CHAPTER I

A. Introduction

You know that management accounting is managing a business through

accounting information. In this process, management accounting is facilitating

managerial control. It can also be applied to your own daily/monthly expenses, if

necessary. These measures should be applied correctly so that performance takes

place according to plans. Planning is the first tool for making the control effective.

The vital aspect of managerial control is cost control. Hence, it is very important to

plan and control costs. Standard costing is a technique which helps you to control

costs and business operations. It aims at eliminating wastes and increasing efficiency

in performance through setting up standards or formulating cost plans.

 B. History

Cost accounting has long been used to help managers understand the costs of running a

business. Modern cost accounting originated during the industrial revolution, when the

complexities of running a large scale business led to the development of systems for recording

and tracking costs to help business owners and managers make decisions.

In the early industrial age, most of the costs incurred by a business were what modern

accountants call "variable costs" because they varied directly with the amount of production.

Money was spent on labor, raw materials, power to run a factory, etc. in direct proportion to

production. Managers could simply total the variable costs for a product and use this as a rough

guide for decision-making processes.

Some costs tend to remain the same even during busy periods, unlike variable costs,

which rise and fall with volume of work. Over time, the importance of these "fixed costs" has

become more important to managers. Examples of fixed costs include the depreciation of plant

and equipment, and the cost of departments such as maintenance, tooling, production control,

purchasing, quality control, storage and handling, plant supervision and engineering. In the early

twentieth century, these costs were of little importance to most businesses. However, in the

twenty-first century, these costs are often more important than the variable cost of a product, and

allocating them to a broad range of products can lead to bad decision making. Managers must

understand fixed costs in order to make decisions about products and pricing.
 For example: A company produced railway coaches and had only one product. To make

each coach, the company needed to purchase $60 of raw materials and components, and pay 6

laborers $40 each. Therefore, total variable cost for each coach was $300. Knowing that making

a coach required spending $300, managers knew they couldn't sell below that price without

losing money on each coach. Any price above $300 became a contribution to the fixed costs of

the company. If the fixed costs were, say, $1000 per month for rent, insurance and owner's

salary, the company could therefore sell 5 coaches per month for a total of $3000 (priced at $600

each), or 10 coaches for a total of $4500 (priced at $450 each), and make a profit of $500 in both

cases.
 C. Meaning, Definition, Objectives & Elements

 Meaning

When you want to measure something, you must take some parameter or

yardstick for measuring. We can call this as standard. What are your daily expenses? An

average of $50! If you have been spending this much for so many days, then this is your

daily standard expense.

The word standard means a benchmark or yardstick. The standard cost is a

predetermined cost which determines in advance what each product or service should

cost under given circumstances.

In the words of Backer and Jacobsen, “Standard cost is the amount the firm thinks

a product or the operation of the process for a period of time should cost, based upon

certain assumed conditions of efficiency, economic conditions and other factors.”

 Definition

The CIMA, London has defined standard cost as “a predetermined cost which is

calculated from managements standards of efficient operations and the relevant necessary

expenditure.” They are the predetermined costs on technical estimate of material labor

and overhead for a selected period of time and for a prescribed set of working conditions.

In other words, a standard cost is a planned cost for a unit of product or service rendered.

The technique of using standard costs for the purposes of cost control is known as

standard costing. It is a system of cost accounting which is designed to find out how

much should be the cost of a product under the existing conditions. The actual cost can be

ascertained only when production is undertaken. The predetermined cost is compared to

the actual cost and a variance between the two enables the management to take necessary

corrective measures.
 Objectives

 To provide a formal basis for assessing performance and efficiency

 To control Costs by establishing standards and analysis of variances

 To enable the principle of “Management by Exception” to be practised at the

detailed operational level.

 To assist in setting budgets

 To assist in assigning responsibility for non-standard performance in order to

correct deficiencies or to capitalise on benefits.

 To motivate staff and management

 To provide a basis for estimating

 To provide guidance on possible ways of improving performance

 Elements

 Material (Material is a very important part of business)

1. Direct Material

 Labour

1. Direct Labour

 Overhead (Variable/Fixed)

1. Indirect material

2. Indirect labor

3. Maintenance & Repair

4. Supplies

5. Utilities

6. Other Variable Expenses

7. Salaries

8. Occupancy (Rent)

9. Depreciation

10. Other Fixed Expenses

(In some companies, machine cost is segregated from overhead and reported as a separate

element)

They are grouped further based on their functions as,

 Production or works overheads

 Administration overheads

 Selling overheads

 Distribution overheads
 Classification of costs

Classification of cost means, the grouping of costs according to their common

characteristics. The important ways of classification of costs are:

 By nature or element: materials, labor, expenses

 By functions: production, selling, distribution, administration, R&D,

development,

 By traceability: direct and indirect

 By variability: fixed, variable, semi-variable

 By controllability: controllable, uncontrollable

 By normality: normal, abnormal

 By Decision making Costs

 Time of Occupation
 Types of Standards

 Current Standard-Current Standard is a Standard established for use over a short

period of time, related to current conditions.

 Basic Standard- Basic Standard is a Standard established for use over a long

period of time from which a Current Standard can be developed.

 Ideal Standard –It is the Standard that can be attained under most favourable

conditions.No provision is made for shrinkage,spoilage or machine breakdown

etc.

 Ideal Standards are not generally used because it may influence employee

motivation adversely.

 Attainable Standard- It is a standard which can be attained if a standard unit of

work is carried out efficiently, on a machine properly utilised or material properly

used.

 Allowances are made for shrinkage, spoilage or machine breakdown etc.

 Establishing Cost Standards

 Engineering Estimates

 Observed Behaviour

 Predicted Behaviour

 Desired Behaviour
 D. Rational behind the Study

 Advantages:

Standard costing is a management control technique for every activity. It is not

only useful for cost control purposes but is also helpful in production planning and policy

formulation. It allows management by exception. It is the process of creating and using

estimated costs for production activities, usually under the assumption of normal

operating conditions. Since standard costs do not necessarily match actual costs incurred,

the cost accountant must calculate variances between actual and standard costs, and

charge the variances to the cost of goods sold. By doing so, an entity is essentially

recording actual costs. Standard costing has the following advantages:

1. Efficiency measurement-- The comparison of actual costs with standard costs

enables the management to evaluate performance of various cost centers. In the

absence of standard costing system, actual costs of different period may be compared

to measure efficiency. It is not proper to compare costs of different period because

circumstance of both the periods may be different. Still, a decision about base period

can be made with which actual performance can be compared.

2. Finding of variance-- The performance variances are determined by comparing

actual costs with standard costs. Management is able to spot out the place of

inefficiencies. It can fix responsibility for deviation in performance. It is possible to

take corrective measures at the earliest. A regular check on various expenditures is

also ensured by standard cost system.

3. Management by exception-- The targets of different individuals are fixed if the

performance is according to predetermined standards. In this case, there is nothing to

worry. The attention of the management is drawn only when actual performance is

less than the budgeted performance. Management by exception means that

everybody is given a target to be achieved and management need not supervise each

and everything. The responsibilities are fixed and everybody tries to achieve his/her

targets.

4. Cost control-- Every costing system aims at cost control and cost reduction. The

standards are being constantly analyzed and an effort is made to improve efficiency.

Whenever a variance occurs, the reasons are studied and immediate corrective

measures are undertaken. The action taken in spotting weak points enables cost

control system.

5. Right decisions-- It enables and provides useful information to the management in

taking important decisions. For example, the problem created by inflating, rising

prices. It can also be used to provide incentive plans for employees etc.

6. Eliminating inefficiencies-- The setting of standards for different elements of cost

requires a detailed study of different aspects. The standards are set differently for

manufacturing, administrative and selling expenses. Improved methods are used for

setting these standards. The determination of manufacturing expenses will require

time and motion study for labor and effective material control devices for materials.

Similar studies will be needed for finding other expenses. All these studies will make

it possible to eliminate inefficiencies at different steps.

7. Value inventory. It is time-consuming to accumulate actual inventory costs at the

end of each accounting period, so companies instead create standard costs for

valuation purposes. This is especially effective for companies having large

inventories.

8. Budgeting. A budget is essentially a baseline against which actual results are

compared, and standard costs are also a baseline for comparison against actual costs

- thus, standard costs and budgets are a perfect match, and standard costs should

always be included in budgets.

9. Product pricing. When customers ask for a price estimate on a unique product

configuration, it is much easier to create a price based on a database of standard

costs than to research actual costs.

10. Forecasting. Standards are used in a manufacturing resources planning system (MRP

II), which creates forecasts for production and purchasing based on standard

amounts of labor and materials. the information for labor and materials is stored in

labor routings and bills of material, respectively.

11. Management by exception. Variance analysis identifies which actual costs were

different from their planned costs, which allows you to manage by exception; if an

actual cost matches the expected (standard) cost, then there is no need to investigate

it. Only costs causing large variances are worthy of investigation, so management

can focus its attention on a small number of items each month.

  Limitations:

1. It cannot be used in those organizations where non-standard products are produced.

If the production is undertaken according to the customer specifications, then each

job will involve different amount of expenditures.

2. The process of setting standard is a difficult task, as it requires technical skills. The

time and motion study is required to be undertaken for this purpose. These studies

require a lot of time and money.

3. There are no inset circumstances to be considered for fixing standards. The

conditions under which standards are fixed do not remain static. With the change in

circumstances, if the standards are not revised the same become impracticable.

4. The fixing of responsibility is not an easy task. The variances are to be classified into

controllable and uncontrollable variances. Standard costing is applicable only for

controllable variances.

For instance, if the industry changed the technology then the system will not be suitable.

In that case, we will have to change or revise the standards. A frequent revision of standards will

become costly.

Standard costing originated in the first half of the twentieth century, primarily as an easy

substitute for the vast amount of data accumulation required to aggregate actual cost information

when computer systems were not yet available. Since computer systems are now quite capable of

aggregating actual cost information, there is certainly less need for standard costing. However, it
is still useful as a benchmark against which to measure actual results, as well as to provide a

rough substitute for actual costs, as is the case in budgeting and product pricing. Consequently,

the usage of standard costing has declined, but it retains sufficient usefulness to be a viable

costing system for the foreseeable future.

A significant problem with standard costing lies in the creation of standards. When a

standard is created, it is based on a set of assumptions that may not prove to be correct. For

example, the purchasing manager is told that the company needs to buy widgets in quantities of

10,000 per year. Accordingly, he arranges to buy 10,000 units over the next year, at a price of $5

each. However, sales of the product in which widgets are used decline precipitously, so the

company only buys 5,000 widgets, at $7 each. This represents an unfavorable purchase price

variance of $2 per unit, but is this really the fault of the purchasing manager, or is it simply

caused by market forces that are outside of the control of the company? The example illustrates

that the presence of unfavorable variances does not necessarily relate to actual problems that can

be rectified.
 CHAPTER II

Review of the Project

 Setting Standards

Normally, setting up standards is based on the past experience. The total standard

cost includes direct materials, direct labor and overheads. Normally, all these are fixed to

some extent. The standards should be set up in a systematic way so that they are used as a

tool for cost control.

Various Elements which Influence the Setting of Standards

 Setting Standards for Direct Materials

There are several basic principles which ought to be appreciated in setting

standards for direct materials. Generally, when you want to purchase some material what

are the factors you consider. If material is used for a product, it is known as direct

material. On the other hand, if the material cost cannot be assigned to the manufacturing

of the product, it will be called indirect material. Therefore, it involves two things:

i. Quality of material

ii. Price of the material

When you want to purchase material, the quality and size should be determined.

The standard quality to be maintained should be decided. The quantity is determined by

the production department. This department makes use of historical records, and an

allowance for changing conditions will also be given for setting standards. A number of
 test runs may be undertaken on different days and under different situations, and an

average of these results should be used for setting material quantity standards.

The second step in determining direct material cost will be a decision about the

standard price. Material’s cost will be decided in consultation with the purchase

department. The cost of purchasing and store keeping of materials should also be taken

into consideration. The procedure for purchase of materials, minimum and maximum

levels for various materials, discount policy and means of transport are the other factors

which have bearing on the materials cost price. It includes the following:

i. Cost of materials

ii. Ordering cost

iii. Carrying cost

The purpose should be to increase efficiency in procuring and store keeping of

materials. The type of standard used-- ideal standard or expected standard-- also affects

the choice of standard price.

 Setting Direct Labor Cost

If you want to engage a labor force for manufacturing a product or a service for

which you need to pay some amount, this is called wages. If the labor is engaged directly

to produce the product, this is known as direct labor. The second largest amount of cost is

of labor. The benefit derived from the workers can be assigned to a particular product or

a process. If the wages paid to workers cannot be directly assigned to a particular

product, these will be known as indirect wages. The time required for producing a
product would be ascertained and labor should be properly graded. Different grades of

workers will be paid different rates of wages. The times spent by different grades of

workers for manufacturing a product should also be studied for deciding upon direct

labor cost. The setting of standard for direct labor will be done basically on the following:

i. Standard labor time for producing

ii. Labor rate per hour

Standard labor time indicates the time taken by different categories of labor force

which are as under:

i. Skilled labor

ii. Semi-skilled labor

iii. Unskilled labor

For setting a standard time for labor force, we normally take in to account

previous experience, past performance records, test run result, work-study etc. The labor

rate standard refers to the expected wage rates to be paid for different categories of

workers. Past wage rates and demand and supply principle may not be a safe guide for

determining standard labor rates. The anticipation of expected changes in labor rates will

be an essential factor. In case there is an agreement with workers for payment of wages in

the coming period, these rates should be used. If a premium or bonus scheme is in

operation, then anticipated extra payments should also be included. Where a piece rate

system is used, standard cost will be fixed per piece. The object of fixed standard labor

time and labor rate is to device maximum efficiency in the use of labour.
  Setting Standards of Overheads

The next important element comes under overheads. The very purpose of setting standard

for overheads is to minimize the total cost. Standard overhead rates are computed by dividing

overhead expenses by direct labor hours or units produced. The standard overhead cost is

obtained by multiplying standard overhead rate by the labor hours spent or number of units

produced. The determination of overhead rate involves three things:

i. Determination of overheads

ii. Determination of labor hours or units manufactured

iii. Calculating overheads rate by dividing A by B

The overheads are classified into fixed overheads, variable overheads and semi-variable

overheads. The fixed overheads remain the same irrespective of level of production, while

variable overheads change in the proportion of production. The expenses increase or decrease

with the increase or decrease in output. Semi-variable overheads are neither fixed nor variable.

These overheads increase with the increase in production but the rate of increase will be less than

the rate of increase in production. The division of overheads into fixed, variable and semi-

variable categories will help in determining overheads.

 CHAPTER III

Data (Variance) Analysis

Variance is the difference between planned, budgeted or standard cost and actual cost as

well as in respect of revenues. A variance can be either a price variance or a quantity variance. A

price variance arises when the cost to purchase an item differs from its standard price. A quantity

variance occurs when the number of units actually required to build a product varies from the

amount specified in the standard costing system. More specifically, here are the variances that

you can calculate from a standard costing system (they are linked to more complete descriptions,

as well as examples):

i. Purchase price variance. The actual price paid for materials used in the production

process, minus the standard cost, multiplied by the number of units used

ii. Labor rate variance. The actual price paid for the direct labor used in the production

process, minus its standard cost, multiplied by the number of units used.

iii. Variable overhead spending variance. Subtract the standard variable overhead cost per

unit from the actual cost incurred and multiply the remainder by the total unit quantity of

output.

iv. Fixed overhead spending variance. The total amount by which fixed overhead costs

exceed their total standard cost for the reporting period.

v. Selling price variance. The actual selling price, minus the standard selling price,

multiplied by the number of units sold.

vi. Sales volume variance. The actual unit quantity sold, minus the budgeted quantity to be

sold, multipled by the standard selling price.

vii. Material yield variance. Subtract the total standard quantity of materials that are supposed

to be used from the actual level of use and multiply the remainder by the standard price

per unit.

viii. Labor efficiency variance. Subtract the standard quantity of labor consumed from the

actual amount and multiply the remainder by the standard labor rate per hour.

ix. Variable overhead efficiency variance. Subtract the budgeted units of activity on which

the variable overhead is charged from the actual units of activity, multiplied by the

standard variable overhead cost per unit.

These variances track price, efficiency, and volume variances for the cost types noted in

the following table:

Variance Type Material Labor Variable Fixed Overhead

Overhead
Price Variance Yes Yes Yes Yes
Efficiency Yes Yes Yes No
Variance
Volume No No No Yes
Variance
 A variance is said to be a favorable variance if the actual cost incurred is lower than the

budgeted or standard cost. For example, a component part has a $100 favorable purchase price

variance if it cost $300, rather than the budgeted $400. A variance is said to be an unfavorable

variance if the actual cost incurred is higher than the budgeted or standard cost. For example,

fixed overhead has a $1,000 unfavorable variance if the actual amount incurred is $150,000,

rather than the budgeted $149,000.

 CHAPTER IV

Completion of Data collected

 Standard Cost Creation

In order to have a standard costing system that operates properly, a company must first

develop standard costs, which follows these steps:

1. Initial standard setting. The industrial engineering staff is directed to create direct labor

standard costs, while the purchasing staff creates standard costs purchased goods, and

the cost accountant coordinates the development of a set of standard overhead costs. If

there are sub-assemblies created during the production process that may be valued at

the end of each accounting period, then the industrial engineering staff calculates these

standards.

2. Periodic updates. Cost standards must be periodically reviewed. The timing of reviews

depends upon how rapidly actual costs change. If there are minimal changes to a

manufacturing process, reviews may be only at long intervals. However, if there is an

aggressive continuous improvement process in place, then standard costs must be

updated more frequently in order to keep pace with the changes in actual costs.
 There are a number of assumptions to consider when deriving standard costs, which

include:

1. Equipment configuration. A standard cost is based on the expected production

equipment configuration to be used, since this has a considerable impact on overhead

costs incurred and the assumed speed with which parts are produced.

2. Production volume. A large assumed production run will spread its setup cost over many

units, whereas a short production run will result in higher setup costs on a per-unit basis.

3. Equipment condition. A poorly maintained machine will be in operation for fewer hours

than would otherwise be the case, resulting in less available capacity.

4. Production system. A manufacturing resources planning system has a different impact

on costs than a just-in-time system, since they have a different focus on the flow of

materials.

5. Union negotiations. Any upcoming union negotiations may result in a significant change

in labor rates.

6. Training and experience. A highly trained work force is very efficient, so if there is an

expectation for increased production hiring, assume that efficiency levels will decline

until the new people can be properly trained.

 A final factor to consider when creating standard costs is the level of attainability of the

costs. One option is to devise an attainable standard, which is a cost that does not depart very

much from the existing actual cost. This results in reasonable cost targets that employees know

they can probably meet. Another alternative is to use historical costs as the basis for a standard

cost. This is generally not recommended, for the resulting costs are no different from a

company’s existing actual cost structure, and so gives employees no incentive to attempt to

reduce costs. The diametrically opposite approach is to create a set of theoretical standards,

which are based on costs that can only be achieved if the manufacturing process runs absolutely

perfectly. Since employees cannot possibly meet these cost goals for anything but very short

periods of time, it tends to result in lower employee morale. Thus, of the potential range of

standard costs that can be set in a standard costing system, the best approach is to set moderate

stretch goals that are achievable.

  Revision of Standards

For effective use of this technique, sometimes we need to revise the standards which

follow for better control. Even standards are also subjected to change like the production method,

environment, raw material, and technology.

Standards may need to be changed to accommodate changes in the organization or its

environment. When there is a sudden change in economic circumstances, technology or

production methods, the standard cost will no longer be accurate. Standards that are out of date

will not act as effective feed forward or feedback control tools. They will not help us to predict

the inputs required nor help us to evaluate the efficiency of a particular department. If standards

are continually not being achieved and large deviations or variances from the standard are

reported, they should be carefully reviewed. Also, changes in the physical productive capacity of

the organization or in material prices and wage rates may indicate that standards need to be

revised. In practice, changing standards frequently is an expensive operation and can cause

confusion. For this reason, standard cost revisions are usually made only once a year. At times of

rapid price inflation, many managers have felt that the high level of inflation forced them to

change price and wage rate standards continually. This, however, leads to reduction in value of

the standard as a yardstick. At the other extreme is the adoption of basic standard which will

remain unchanged for many years. They provide a constant base for comparison, but this is

hardly satisfactory when there is technological change in working procedures and conditions.
 CHAPTER V

Summary and Conclusion

Basically, standard costing is a management tool for control. In the process, we have

taken standards as parameters for measuring the performance. Cost analysis and cost control is

essential for any activity. Cost includes material labor and overheads. Sometimes, we need to

revise the standards due to change in uses, raw material, technology, method of production etc.

For a proper organization, it is required to implement this under a committee for the activity. It is

a continued activity for the optimum utilization of resources.

 APPENDIX

Questionaries’

How should the ideal standards for better controlling be determined?

1. Determination of Cost Center

According to J. Betty, “A cost center is a department or part of a department or an item of

equipment or machinery or a person or a group of persons in respect of which costs are

accumulated, and one where control can be exercised.” Cost centers are necessary for

determining the costs. If the whole factory is engaged in manufacturing a product, the factory

will be a cost center. In fact, a cost center describes the product while cost is accumulated. Cost

centers enable the determination of costs and fixation of responsibility. A cost center relating to a

person is called personnel cost center, and a cost center relating to products and equipments is

called impersonal cost center.

2. Current Standards

A current standard is a standard which is established for use over a short period of time

and is related to current condition. It reflects the performance that should be attained during the

current period. The period for current standard is normally one year. It is presumed that

conditions of production will remain unchanged. In case there is any change in price or

manufacturing condition, the standards are also revised. Current standard may be ideal standard

and expected standard.

 3. Ideal Standard

This is the standard which represents a high level of efficiency. Ideal standard is fixed on

the assumption that favorable conditions will prevail and management will be at its best. The

price paid for materials will be lowest and wastes etc. will be minimum possible. The labor time

for making the production will be minimum and rates of wages will also be low. The overheads

expenses are also set with maximum efficiency in mind. All the conditions, both internal and

external, should be favorable and only then ideal standard will be achieved.

Ideal standard is fixed on the assumption of those conditions which may rarely exist. This

standard is not practicable and may not be achieved. Though this standard may not be achieved,

even then an effort is made. The deviation between targets and actual performance is ignorable.

In practice, ideal standard has an adverse effect on the employees. They do not try to reach the

standard because the standards are not considered realistic.

4. Basic Standards

A basic standard may be defined as a standard which is established for use for an

indefinite period which may a long period. Basic standard is established for a long period and is

not adjusted to the preset conations. The same standard remains in force for a long period. These

standards are revised only on the changes in specification of material and technology

productions. It is indeed just like a number against which subsequent process changes can be

measured. Basic standard enables the measurement of changes in costs. For example, if the basic

cost for material is Rs. 20 per unit and the current price is Rs. 25 per unit, it will show an

increase of 25% in the cost of materials. The changes in manufacturing costs can be measured by

taking basic standard, as a base standard cannot serve as a tool for cost control purpose because
the standard is not revised for a long time. The deviation between standard cost and actual cost

cannot be used as a yardstick for measuring efficiency.

5. Normal Standards

As per terminology, normal standard has been defined as a standard which, it is

anticipated, can be attained over a future period of time, preferably long enough to cover one

trade cycle. This standard is based on the conditions which will cover a future period of five

years, concerning one trade cycle. If a normal cycle of ups and downs in sales and production is

10 years, then standard will be set on average sales and production which will cover all the years.

The standard attempts to cover variance in the production from one time to another time. An

average is taken from the periods of recession and depression. The normal standard concept is

theoretical and cannot be used for cost control purpose. Normal standard can be properly applied

for absorption of overhead cost over a long period of time.

6. Organization for Standard Costing

The success of standard costing system will depend upon the setting up of proper

standards. For the purpose of setting standards, a person or a committee should be given this job.

In a big concern, a standard costing committee is formed for this purpose. The committee

includes production manager, purchase manager, sales manager, personnel manager, chief

engineer and cost accountant. The cost accountant acts as a co-coordinator of this committee.
 7. Accounting System

Classification of accounts is necessary to meet the required purpose, i.e. function, asset or

revenue item. Codes can be used to have a speedy collection of accounts. A standard is a pre-

determined measure of material, labor and overheads. It may be expressed in quality and its

monetary measurements in standard costs.

 Bibliography

Maher, Lanen and Rahan, Fundamentals of Cost Accounting, 1st Edition (McGraw-Hill 2005).

Horngren, Datar and Foster, Cost Accounting - A Managerial Emphasis, 11th edition (Prentice

Hall 2003).

Consortium for Advanced Manufacturing-International

Kaplan, Robert S. and Bruns, W. Accounting and Management: A Field Study Perspective

(Harvard Business School Press, 1987) ISBN 0-87584-186-4

Sapp, Richard, David Crawford and Steven Rebishcke "Article title?" Journal of Bank Cost and

Management Accounting (Volume 3, Number 2), 1990.

Author(s)? "Article title?" Journal of Bank Cost and Management Accounting (Volume 4,

Number 1), 1991.

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