Question

List at least 2 positive and 2 negative features of standard costing systems.

List at least 2 positive and 2 negative features of standard costing systems.

Homework Answers

Answer #1

Positive od standard costing :-

  • Cost control - Controlling cost and avoiding unnecessary cost is the primary practice in standard costing.
  • Fixing Responsibility - Analysing variances help to fix the responsibilities of respective manager.

Negative of standard costing :-

  • Standard setting - Setting of standard is very complicated and requires a high level of technicalities.
  • Dynamic conditions - Business conditions kept on changing, So the standard also needs to be updated regularly.
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