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.
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- 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.
- Not many years ago the advocates of standard costs were like voices crying in the wilderness.
standard costing sustantivo
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- In Spain standard costing was used for decision making as early as the 17th century.
- In actuality, norm-based accounting was first employed in the early 1900s when standard costing and other scientific management principles became socially acceptable.
- In the context of the development of scientific management, it is, of course, standard costing which is seen as being the key accounting change.