One of the mysteries of the English language finally explained.
The estimated cost of a process, resource, or item used in a manufacturing enterprise, entered in an account and compared with the actual cost so that anomalies are readily detectable.
- ‘He discussed why standard costs were needed to improve efficiency.’
- ‘This budget employed a standard cost for each production step.’
- ‘Prior to Managerial Accounting, popular cost accounting textbooks were focused on the calculation of unit product costs in job order, process and standard cost systems.’
- ‘The only exception was in a few firms that had implemented standard cost systems to provide information for monitoring the efficiency of production separately from the general ledger.’
- ‘Not many years ago the advocates of standard costs were like voices crying in the wilderness.’
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