Question

Define Standard Costing. Explain its advantages and Limitations.​

Answer 1

Explanation:

=>Standard costing may be defined basically as a technique of cost accounting, which compares the standard cost of each product or service with the actual cost to determine the efficiency of operation so that remedial action may be taken immediately.

Answer 2

Standard cost accounting is a traditional cost accounting method introduced in the 1920s, as an alternative for the traditional cost accounting method based on historical costs

It is, in effect, a budget for one unit. Standard costing may be defined basically as a technique of cost accounting, which compares the standard cost of each product or service with the actual cost to determine the efficiency of operation so that remedial action may be taken immediately.

hope it will...... ❤️