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Chapter20Standardcosting

A standard cost is the planned unit cost of the products, components or services produced in a period.

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Explain what is meant by standard costing

Explain what is meant by a standard cost

Describe four types of standard.

Explain what is meant by a standard hour.

Give five possible sources of information from which a standard materials price may be estimated.

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Explain what is meant by a standard cost
Explain what is meant by a standard hour.
Explain briefly the possible causes of(i) A favourable material usage variance(ii) A favourable labour rate variance(iii) An adverse sales volume contribution variance.
Explain the meaning of responsibility accounting.