Question

what is the primary benefit of a standard costing term?
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Answer 1

Answer:

The primary benefit of a standard costing system is a benchmark value called "standard value" that other acquisitions are compared against. The difference between the standard and the actual value is called a. Variances can be evaluated for cause.

Explanation:

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Answer 2

Introduction:

Standard costing is the technique of substituting a predicted cost with an actual cost in accounting records. Variances are then documented to demonstrate the difference between predicted and actual expenses.

Explanation:

The fundamental advantage of a standard costing method is a benchmark value known as "standard value" against which additional acquisitions are evaluated. The discrepancy between the standard and the actual value is denoted by the letter a. Causes of variations can be determined.