Discuss Standard Costing

question 33

Essay

Discuss standard costing.As part of your discussion,define a standard cost.In addition,compare and contrast standard costs and predetermined overhead costs.Include in your discussion at least three reasons why standard costs are introduced into a standard cost accounting system.How is a standard cost accounting system useful to management?

---

Definitions:

Physiological

Related to the functions and processes within living organisms and their parts.

Belongingness

The human emotional need to be an accepted member of a group, whether it is family, friends, colleagues, or within a community.

Esteem

The respect, admiration, and confidence an individual has in themselves; a fundamental human need for feeling valued and validated.

Safety

The state of being safeguarded against or not prone to causing harm, peril, or damage.