ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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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.
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IMPREST BASIS, in cash accounts, means that the exact amount of fund expenditures is replaced periodically.
EI&DO is Extraordinary Items and Discontinued Operations.