Standard cost
Standard cost is a carefully determined cost of a unit of output.
Definitions
According to Cost Accounting by Horngren, Datar, Rajan (14th edition),
- Standard cost. A carefully determined cost of a unit of output.
According to Managerial Accounting by Braun, Tietz (5th edition),
- Standard cost. The budget for a single unit of product. Also simply referred to as standards.