a predetermined cost of material, labor, etc., based on specifications prepared from time-and-motion studies, accounting records, and the like.
standard cost
(accounting) the predetermined budgeted cost of a regular manufacturing process against which actual costs are compared


Read Also:

  • Standard-deviation

    noun, Statistics. 1. a measure of dispersion in a frequency distribution, equal to the square root of the mean of the squares of the deviations from the arithmetic mean of the distribution. standard deviation noun 1. (statistics) a measure of dispersion obtained by extracting the square root of the mean of the squared deviations of […]

  • Standard-dollar

    noun 1. the basic monetary unit of the U.S., since January 31, 1934, containing 15.2 grains of gold, 0.900 fine: previously contained 25.8 grains of gold, 0.900 fine.

  • Standard-english

    noun 1. the English language in its most widely accepted form, as written and spoken by educated people in both formal and informal contexts, having universal currency while incorporating regional differences.

  • Standard-error

    noun, Statistics. 1. the standard deviation of a distribution of a sample statistic, especially when the mean is used as the statistic. standard error noun 1. (statistics) the estimated standard deviation of a parameter, the value of which is not known exactly standard error The standard deviations of the sample in a frequency distribution, obtained […]

Disclaimer: Standard-cost definition / meaning should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. All content on this website is for informational purposes only.