Question

Uniform costing meaning and objectives

Answer 1

Answer:

The objectives of uniform costing are to standardize accounting methods and to assist in determining suitable prices of products of firms which adopt this method. Thus objects of a uniform costing systemare: (a) It provides reliable data for making inter-unit comparisons of cost performances.

Answer 2

Answer:

Uniform costing is the application of the same accounting and costing principles, methods or procedures uniformly by various undertakings in the same industry. It is a particular technique which applies the usual accounting methods like standard costing, marginal costing, and budgetary control.

The objectives of uniform costing are to standardize accounting methods and to assist in determining suitable prices of products of firms which adopt this method. Thus objects of a uniform costing system are: ... (d) It ensures that the product prices are based on authentic costing data.