Q. 1. What is Standard Costing? What are its features ? Discuss the essentials of an effective standard costing.
Answer: What is standard costing? The efficiency of management, among other things, depends upon the control of costs. For controlling costs management should not only know the actual cost. but also see the variation in pre-determined cost to actual costs. Standard costing is the most effective way of controlling costs. It provides criteria to evaluate and …