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Understanding Standard Costing Systems by Katelyn Sungcang is a document available to read on EtoBox.
What is Understanding Standard Costing Systems about?
Standards are benchmarks used in managerial accounting to measure performance. A standard costing system sets predetermined standard costs that are compared to actual costs to compute variances. This acts as a control system like a thermostat. Standards can be set at an ideal or normal level. A standard costing system has three parts - a standard cost is set, actual costs are measured, and variances are computed by comparing standards to actuals. Variances highlight areas where costs differ from standards s
- Author
- Katelyn Sungcang
- Language
- EN