STANDARD COST SYSTEM Definition

Bookmark and Share

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

R&D see RESEARCH & DEVELOPMENT.

ENTERPRISE is an organization created for business ventures.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.