STANDARD COST METHOD IN CONFECTIONERY PRODUCTION

Ionescu Constantin Aurelian, Paschia Liliana, Nicoleta Gudanescu, Coman Mihaela Denisa, Mantaluta(tomus) Iulia and Zavincu Adriana
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Ionescu Constantin Aurelian: HYPERION UNIVERSITY OF BUCHAREST, ROMANIA
Paschia Liliana: HYPERION UNIVERSITY OF BUCHAREST, ROMANIA
Coman Mihaela Denisa: VALAHIA UNIVERSITY OF TARGOVISTE, INSTITUTE OF MULTIDISCIPLINARY RESEARCH FOR SCIENCE AND TECHNOLOGY, ROMANIA
Mantaluta(tomus) Iulia: HYPERION UNIVERSITY OF BUCHAREST, ROMANIA
Zavincu Adriana: IOSUD-SDSE VALAHIA UNIVERSITY OF TARGOVISTE, ROMANIA

Annals - Economy Series, 2020, vol. 5, 62-77

Abstract: The operative knowledge of the evolutions related to the cost of production allows the management to take timely measures of correction and recovery, also allows establishing some medium and long term strategies, starting from the reports based on management accounting. Objectives can be set, material resources, human resources, technologies used in production, time resources needed for current operations can be better managed, and also can develop plans to improve the recent activity. The purpose of the paper is to analyze the possibility of applying the standard cost method in the managerial accounting of an entity operating in the public catering sector. The specifics of organizing the production in such an economic entity requires the identification of an efficient management accounting organizing method in controlling economic processes and supporting managerial decisions. The obtained results underline the fact that the standard-cost method determines advantages for the small economic entity analyzed, such as the anticipation of the costs of the programmed production; the expectation of scheduled production costs; the value of deviations from the standard cost, by cost categories and by product categories; efficient monthly control of the real cost of production, etc.

Keywords: standard cost method; management accounting; costs; public catering sector (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:cbu:jrnlec:y:2020:v:5:p:62-77

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