ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
From the web's #1 provider of financial analysis / ratio analysis
STANDARD COST SYSTEM Definition
STANDARD COST SYSTEM is an accounting system designed to properly allocate costs of direct labor, indirect labor, materials, overhead, and selling/ general/administrative accounts on a unit basis for the purpose of accurately costing products and the subsequent control of those costs in managing the production, marketing, purchasing, and administrative functions of the business.
Learn new Accounting Terms
OUTTURN is what is produced in a given time period.
PER DIEM is a. one every day (e.g., save 10 man-hours per diem) or, b. payment of daily expenses and/or fees of an employee or an agent.