New FLASH SALE Dhamaka - Flat 60% Off on All Courses

    Question

    What does Standard Costing help

    in?
    A Measuring efficiency Correct Answer Incorrect Answer
    B Reducing losses Correct Answer Incorrect Answer
    C Controlling prices Correct Answer Incorrect Answer
    D Increasing profit Correct Answer Incorrect Answer

    Solution

    Standard costing is a management accounting technique used to establish predetermined cost estimates for materials, labor, and overheads. These predetermined cost estimates are known as standard costs. The actual costs incurred during production are then compared to these standard costs to measure the efficiency and performance of the organization's operations.

    Practice Next