15

Standard Costing

CHAPTER OUTLINE
LEARNING OBJECTIVES

After reading this chapter, you should be able to:

  • Understand standard costing: its meaning and definition

  • Learn the advantages and limitations of standard costing

  • Learn how to set standards and determinations

  • Learn how to revise standards

15.1 INTRODUCTION

Standard costing is a technique to control costs. It aims at increasing efficiency in performance through setting up standards. ...

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