Question

describe various types of standard costing describe the various advantages and disadvantages of standars costing and budgetary control?​

Answer 1

Answer:

The primary advantages to using a standard costing system are that it can be used for product costing, for controlling costs, and for decision-making purposes. Whereas the disadvantages include that implementing a standard costing system can be time consuming, labor intensive, and expensive.

Explanation:

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Answer 2

Answer:

ᴛʏᴘᴇs ᴏғ sᴛᴀɴᴅᴀʀᴅs:

• ᴄᴜʀʀᴇɴᴛ sᴛᴀɴᴅᴀʀᴅ
• ʙᴀsɪᴄ sᴛᴀɴᴅᴀʀᴅ
• ɪᴅᴇᴀʟ sᴛᴀɴᴅᴀʀᴅ
• ᴀᴛᴛᴀɪɴᴀʙʟᴇ sᴛᴀɴᴅᴀʀᴅ

ᴀᴅᴠᴀɴᴛᴀɢᴇs ᴀɴᴅ ᴅɪsᴀᴅᴠᴀɴᴛᴀɢᴇs ᴏғ ᴜsɪɴɢ sᴛᴀɴᴅᴀʀᴅ ᴄᴏsᴛs

• ɪᴍᴘʀᴏᴠᴇᴅ ᴄᴏsᴛ ᴄᴏɴᴛʀᴏʟ.
• ᴍᴏʀᴇ ᴜsᴇғᴜʟ ɪɴғᴏʀᴍᴀᴛɪᴏɴ ғᴏʀ ᴍᴀɴᴀɢᴇʀɪᴀʟ ᴘʟᴀɴɴɪɴɢ ᴀɴᴅ ᴅᴇᴄɪsɪᴏɴ ᴍᴀᴋɪɴɢ.
• ᴍᴏʀᴇ ʀᴇᴀsᴏɴᴀʙʟᴇ ᴀɴᴅ ᴇᴀsɪᴇʀ ɪɴᴠᴇɴᴛᴏʀʏ ᴍᴇᴀsᴜʀᴇᴍᴇɴᴛs.
• ᴄᴏsᴛ sᴀᴠɪɴɢs ɪɴ ʀᴇᴄᴏʀᴅ-ᴋᴇᴇᴘɪɴɢ.
• ᴘᴏssɪʙʟᴇ ʀᴇᴅᴜᴄᴛɪᴏɴs ɪɴ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ᴄᴏsᴛs.