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Standard Costing-Quiz to test your knowledge!

Standard Costing-Quiz to test your knowledge!

Standard costing is method of costing which measures the performance or activity of  by comparing by comparing actual cost and standard cost.It is used as a control tool by management for efficiency of business.

Standard cost is the planned unit cost of a product. The base for determination of standard cost can very over the situation, place etc. Since planning is effective tool for business. This technique helps to plan costing for a product.When a product is finally produced, it can be compared with standard cost for comparison.

Hence,it is a type of budgeted number, characterized by a certain amount of rigor in its determination, and by its ability to motivate managers and employees to work towards the company’s objectives for production efficiency and cost control.

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