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What is Standard Cost?
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Answer / vardan jain
Standard cost in the cost which we are mentioned in the
budget for the particular job or for a particular period.
Standard cost is for standard output. It may varies from
actual cost due to cost variance and efficiency variance.
| Is This Answer Correct ? | 8 Yes | 2 No |
Answer / rajesh
The planned or expected costs. Often used in manufacturing
for accounting for inventories and production. When actual
costs differ from the standard costs, variances are
reported. To learn more, see Explanation of Standard Costs
& Variances.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / raman mishra
STANDARD COST-THE COST WHICH IS EXPECTED TO BE IS STANDARD
COST.
ST.COST-ACTUAL COST= VARIANCE.
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / kanika
Standard cost is like budgeted cost or estimates cost for a
unit.
Standard cost-actual cost=Vairance in + or - can determine
cost difference for which reason can be find out to reduce
the cost or match with standard cost.
actual cost should less or match with standard cost.
Another defination
Standard cost: cost has accured for same units or product
in past years.
| Is This Answer Correct ? | 3 Yes | 1 No |
standrd costis the cost which remains as standard cost
standard cost -actual cost = variance
1. actual quantity * actual rate -- 1
2. actual quntity * standard rate -- 2
3. standard quantity * standard rate -- 3
this is the formulaes for caluculating standard costing
like this we will keep some numeric values and see for eg
(4-1) the resulted figure is favourable or in favourable
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / sultan raza
standard cost is a cost which can be determined by the
budgeting process.it can be determined on the basis of past
performance and data.s.c is determined to keep control over
the expenses or cost.
| Is This Answer Correct ? | 3 Yes | 2 No |
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