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Title: | The relevance of standard costing and variance analysis in Maltese bakeries |
Authors: | Callus, Kurt |
Keywords: | Bakeries -- Malta Standard cost accounting -- Malta Analysis of variance |
Issue Date: | 2019 |
Citation: | Callus, K. (2019). The relevance of standard costing and variance analysis in Maltese bakeries (Master's dissertation). |
Abstract: | Purpose: The main objective of this study is to determine to what extent Maltese bakeries use standard costing and variance analysis. Design: The study was done by conducting semi-structured interviews to a number of people with different roles in their respective bakeries. Findings: The study found that Maltese bakeries find both standard costing systems and variance analysis very useful. In addition, most bakeries mentioned that a tailor-made IT system software package also aids bakeries in compiling data and reporting wastage. The fact that bakeries have the same ingredients to produce their products shows that budgets and variances are the most useful tools for them, as proven by the interviewees. In addition, it was found that it is vital for bakeries to calculate variances, however, this study shows that preparers do not calculate them manually, but IT system software packages make their job easier in calculating the variances for them. Conclusion: In the bakery industry, a standard costing system will remain to be the more ideal tool to aid in planning and controllability, unless new technology will be considered as more ideal in the future. Bakeries should make use of an IT system software package as it has proven that both time and money would be saved for management when preparing their budgets for the financial year. Variances are also an essential tool for bakeries and the latter should make use of them in order to always monitor their costs as well as any miscalculations that may occur as a result of the variances themselves. Value: This study hopes to provide insight on how bakeries perceive standard costing systems, variances, the steps taken when issuing the monthly or yearly budgets and also what factors are taken into consideration when preparing said budgets. |
Description: | M.ACCTY. |
URI: | https://www.um.edu.mt/library/oar/handle/123456789/49696 |
Appears in Collections: | Dissertations - FacEma - 2019 Dissertations - FacEMAAcc - 2019 |
Files in This Item:
File | Description | Size | Format | |
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19MACC021.pdf Restricted Access | 1.23 MB | Adobe PDF | View/Open Request a copy |
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