Question

Difference between current standard and basic standard

Answer 1

Basic Standards are the unaltered standards which are used over for a longer period of time and do not reflect current conditions. These standards are not useful from the cost of control point of view as they consider only fixed costs. ... No, standard costing system is not a separate system of accounting

Answer 2

Explanation:

These standards help compare business operations over a longer period of time. Basic standards are used not only to evaluate actual results but also current expected results (current standards). We can say that basic standards work as a standard for other standards.