standard cost
Definition
Estimated or predetermined cost of performing an operation or producing a good or service, under normal conditions (where special or extraordinary factors, that may affect performance, are absent). Standard costs are used as target-costs (or basis for comparison with the actual costs), and are developed from historical data analysis or from time and motion studies. They almost always vary from actual costs, because every situation has its share of unpredictable factors.
standard cost is in the Accounting & Auditing subject.
standard cost appears in the definitions of the following terms: backflush costing, analysis of variances (ANOVA), standard costing, physical standard, improshare, rework, normal cost, standard margin, cost unit and actual cost
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