HI5017 Managerial Accounting

Questions:

1. Briefly discuss the features of standard costing as a planning and control system. (5 marks)

2. Based on your standard costing article, discuss the relevance of standard costing as a planning and control system in your real-life case company. Did it satisfy the features discussed in (i)? Why or why not? Include examples in your answer from your standard costing article.

3. Discuss what target costing is and compare and contrast it from standard costing.

4. Is target costing relevant in today’s competitive and (in most cases), uncertain business environment?

Explain with examples from your target costing article.

5. Based on your literature findings (above), which of the two systems would you recommend for contemporary organisations to use for planning purpose and which system you would recommend for control purpose? Explain.