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Subjects>Science>General Science

Standard costs are used to measure?

Anonymous

∙ 12y ago

Updated: 4/28/2022

price and quantity variance

Wiki User

∙ 12y ago

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Q: Standard costs are used to measure?

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Continue Learning about General Science

What is A unit of measure that people agree to use?

is meant by measurement in che mistry

What unit is used to measure a packet of cocoa?

Pounds is the standard for sugar.

What is the size of a porch in meters?

There is no standard measure.

What the meaning of cup of liquid?

A cup is used as a measure of volume. Thus a cup of liquid is a standard 'cup sized' volume of liquid.

What standard unit is used to measure temperature?

Usually it would be degrees Fahrenheit (°F).

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Related Questions

What are the standard units used to measure sound power?

The standard unit used to measure sound power is the decibel (dB).

What is the difference between standard cost and estimated cost?

Estimates are the expressions of of opinion based upon past experiences whereas the standard costs are based upon standard rate that are very carefully developed and set as scientifically as possible. However, both estimated costs and standard costs are related to future period of time but there are some significant differences between them. Some major differences between standard costs and estimated costs are listed below:1. Estimated costs are the expressions of opinion based upon experience. Standard costs are based upon standard rates that are carefully developed and set as scientifically as possible.2. Estimated costs are used by those firms that follow historical costing system. Standard costs are used by those organizations that follow standard costing.3. Estimated costs are based on actual costs and anticipated costs. Standard costs are fixed after scientific analysis of relevant cost elements.4. Estimated costs are based on approximation. Standard costs are based upon specifications.5. Estimated costs are normally used as guideline for price determination, quoting the selling price etc. Main purpose of standard costs is to serve as a tool for cost control.

What is the standard tile measure used for determining the dimensions of a room?

The standard tile measure used for determining the dimensions of a room is square feet.

What is the standard measure used to determine the brightness of a light bulb?

The standard measure used to determine the brightness of a light bulb is called lumens.

What is standard deviation used for?

Standard deviation is a measure of the spread of data.

What are the standard units used to measure the magnitude of earthquakes?

The standard units used to measure the magnitude of earthquakes are the Richter scale and the moment magnitude scale.

Importance of standard costing?

A valuable management tool, standard costing is part of cost accounting. Rather than using actual costs for direct material, labor and manufacturing overhead, standard costs are used to easily track variances and estimate profit.Though actual costs are still paid, standard costing is often used for inventories and cost of goods sold. The difference between standard and actual costs are known as variances. These variances are what make standard costing such a valuable practice for management. Management can quickly become aware of changes in budgeted costs by tracking the variances.When standard costing is used, you will often hear the terms unfavorable or favorable variance. This refers to changes in actual costs in relation to planned or standard costs. A favorable variance takes place when actual costs dip below standard costs. Conversely, if actual costs rise above standards, the variance is unfavorable.In regards to manufacturing companies, standard costs would first be seen as individual parts or pieces of the finished product. This means that the final standard cost will be the sum of the standard costs of each of the individual pieces of the product.

Which measure of varartion is preferred when the mean is used as the measure of center?

standard deviation

What are the standard units used to measure shaft work in mechanical systems?

The standard unit used to measure shaft work in mechanical systems is the Joule (J).

Standard unit used to measure distance?

Metre

How can automobiles be used to measure a country's standard of living?

No we cannot measure the living standard of any country through the use of automobiles.

What are the standard units used to measure electrical resistance, commonly denoted as ohm units?

The standard unit used to measure electrical resistance is the ohm, denoted by the symbol .

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