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What are the benefits of standard costs and how do businesses set those standards?

Business & Finance

Business & Finance

What are the benefits of standard costs and how do businesses set those standards?

What are the benefits of standard costs and how do businesses set those standards?

Week 5 DQs Ethical Issue 22-1

Required Readings

1. Chapter 22: The Master Budget and Responsibility Accounting

2. Chapter 23: Flexible Budgets and Standard Costs

Discussions

The Master Budget and Responsibility Accounting. From Chapter 22, Ethical Issue 22-1.

 

Ethical Issue 22-1

This case centers on the ethics of padding the budget—and whether the motivation for this action (personal gain or operational efficiency) makes a difference.

What is the ethical issue?

1. What are my options?

Dunn’s alternatives include:

2. What are the possible consequences?

3. What should I do?

Flexible Budgets and Standard Costs. What are the benefits of standard costs and how do businesses set those standards?

2. Efficiency
3. Price Fixing
4. Management

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