Standard costs have the following characteristics which include:
- Used in preparing fixed budgets.
- Based on past experience and data.
- Used in preparing flexible budgets.
What is Standard cost?
This refers to the estimated cost involved in the production of goods and services and is usually compared with the actual cost to measure disparities.
It is usually gotten based on past experience and data and can be used to prepare different types of budget used by different organizations and government as a whole.
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