Week 5 Discussion Research 3 - managers to look ahead....

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I believe the discussions have really helped us get through most of the objectives set for this week. Throughout my research for the posts I realized that using a Standard Cost System can be very beneficial for a company. It helps the company identify performance standards. It also helps the company gauge where prices should be set and in lowering accounting costs. Using a standard cost system also makes preparing budgets easier by estimating future costs and forcing
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Unformatted text preview: managers to look ahead. Another benefit is that standardized costing can be used in many different facets of an organization including operations, manufacturing, engineering, and even in service industries. Source: http://basiccollegeaccounting.com/standard-costing-definition-uses-advantages-part-1/...
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