 | Shim - Technology & Engineering - 1994 - 266 pages
...costs Production or operating costs that are carefully predetermined. A standard cost is a target cost that should be attained. Standard cost system A system...variances from actual costs are isolated. Standard hours allowed The standard time that should have been used to manufacture actual units of output during... | |
 | Jae K. Shim, Joel G. Siegel - Business & Economics - 2005 - 413 pages
...price of materials per unit. Sometimes the terms "standard" and "budget" are used interchangeably. Standard Cost System A system by which production...variances from actual costs are isolated. Standard Costs Production or operating costs that are carefully predetermined. A standard cost is a target cost... | |
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Standard Cost System A system by which production activities are recorded at standard costs and variances from actual costs are isolated. Standard Costs Production or operating costs that are carefully predetermined. 