Merits of standard costing
Write down the merits of standard costing?
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-It offers a standard for evaluating the effectiveness or ineffectiveness in performance.
-It makes easy the essential management purpose of cost control.
-It sets a normal that wants superior attempt and motivation to work to accomplish the same.
-It can be employed as a basis for price filing the tenders, fixation and submission the quotation.
-It makes easy allocation of authority and fascination of responsibility for each and every department or individual.
-To take the counteractive evaluates, the management requires evaluating the discrepancy from the standard.
-It gives means to promote acts to diminish cost.
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A way to improve performance that investigates the way several different entities do the same activity and finds the best way to accomplish the activity. The best ways then become the standard or the benchmark for all the entities.
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