Standard Cost

Accounting Terms Dictionary

Select a letter below to view all accounting terms that begin with that letter.

Standard Cost

Budgeted Cost.

ABC Company forecast that is would take $40 to make a chair, $30 for the labor and $10 for the wood. $10 is the standard price of the wood. During the year the price of the wood might go up or down. ABC may actually end up pay $9 or $11 or $12, but the standard price, the one they budgeted for was $10.

There is currently no content classified with this term.

Get instant access to step-by-step instructions on how to apply and sit for the CPA Exam.

Expected or Past Undergrad Graduation Date*

When Do You Plan to Start Studying?