Tag Archives | Cost Control

What is Standard Costing?

Everything you need to know about standard costing. Standard costing is a technique of cost control. The CIMA Official Terminology defines it as "a control technique which compares standard costs and revenues with actual results to obtain variances which are used to stimulate improved performance." Standard cost is a planned cost for a unit of product, component or service produced [...]

By |2019-08-29T07:06:38+00:00August 29, 2019|Standard Costing|Comments Off on What is Standard Costing?

Cost Control: Meaning, Elements and Steps

In this article we will discuss about Cost Control:- 1. Meaning of Cost Control 2. Elements of a Cost Control Scheme 3. Techniques 4. Steps. Meaning of Cost Control: The basic objective of accounting is to provide information which is useful for persons inside the organisation (i.e., owners, management and employees) and for persons or groups outside the organisation (i.e. [...]

By |2016-06-18T06:58:42+00:00June 18, 2016|Cost Control|Comments Off on Cost Control: Meaning, Elements and Steps
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