The use of standard costs is a key element of a management-by-exception approach. Units of inventory flow through the inventory accounts (from work-in-process to finished goods to cost of goods sold) at their per-unit standard cost. A standard costing system initially records the cost of production at standard. Historical costs are Accounting for Churches costs […]
Category Archives: Bookkeeping
Many business owners aren’t aware of how much it costs to operate their business. It’s important to know how much every individual part requires to function properly. Understanding helps identify shortfalls, payroll discrepancies, and other issues that are important to catch early. Don’t forget to save money for office supplies, inventory, maintenance, and repairs. Budget […]