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A standard cost is a predetermined cost.
As an alternative to the old cost accounting approach based on historical expenses, standard cost accounting was first presented in the 1920s. The projected cost of a procedure, resource, or product employed in a manufacturing firm that is recorded in an account and contrasted with the actual cost to make it easy to spot discrepancies.
Standard costing is the process of replacing an actual cost in the accounting records with an expected cost. Variances are then noted to demonstrate the discrepancy between anticipated and actual costs. Budgets and future expense planning are done using standard costing, commonly referred to as standard cost accounting. Because it is simpler to allocate expenses directly to the products being produced, this kind of cost accounting is primarily employed in the manufacturing industry.
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