Standard cost is set on the basis of management’s estimation. Cost is estimated on the basis of technical specification provided by the engineering department or other expert such as production engineer. Generally, while setting standards, consideration is given to historical data, current production plan and expected conditions of future. Standard costing is different from budgeting. Standard costs are used to set budgets and based on these budgets managerial performance is evaluated. Standard costing is most widely used in manufacturing industry but may be applied in various other industries too.
Who among the following coined the Protein revolution?
As compared to GDR, exchange rate risk is more in FCCB as interest is payable in foreign currency
Where is the Atacama Salt Flat situated?
Who founded the Archaeological Survey of India (ASI)?
Who is the pioneer female leader of the Central Industrial Security Force (CISF)?
Which of the following IIT has signed a pact with University of Sydney for addressing the energy challenges emerging in the world?
Who is the chairman of PMEAC?
Which year was Deen Dayal Upadhyay Home stay Scheme being implemented in Uttarakhand?
What is the height of Guru Shikhar Peak ?
Which sixth Indian Cricketer was included in the list of ICC Hall of Fame 2019?