Cost Accounting by K. Alex

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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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