Standard Costs and the Balanced Scorecard
Subject: Accounting | Topics:

A standard is a benchmark or “norm” for measuring performance. In managerial accounting, standards relate to the cost and quantity of inputs used in manufacturing goods or providing services.Standards are benchmarks or “norms” for measuring performance.  Standard costing is the practice of substituting an expected cost for an actual cost in the accounting records and then periodically recording variances showing the difference between the expected and actual costs.

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