User talk:Gaurav gandhi23

Distinguish between a standard and a budget :
Both standards and budgets are predetermined costs. The primary difference is that a standard is a unit amount, whereas a budget is a total amount. A standard may be regarded as the budgeted cost per unit of product.

Identify the advantages of standard cost
Standard costs offer a number of advantages. They (a) facilitate management planning, (b) Promote greater economy, (c) are useful in setting selling prices, (d) Contribute to management control, (e) permit " Management by exception", and (f) simplify the costing of inventories and reduce clerical costs.