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Standard
Cost
Accounting
Standard
cost accounting is the most widely used type of cost accounting:
- It can be relatively easy to implement and
maintain.
- It can give Management a fairly accurate cost
for the products or service that are produced.
- This only applies if it is implemented and
maintained properly.
Only
as good as the emphasis Management puts on it:
- If Management requires all department to
support
the cost system, then it will be a good system.
Standard
costs consist of:
The costs are not actual costs. Direct labor and material
costs are the cost the part should consume.
Burden costs are allocated to the part based on an allocation method.
Other costing
methods:
Activity
Based Costing (ABC)
Job
Order Cost Accounting
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