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Difference between histotical cost and standard cost?
Standard cost is the cost which is basis to measure the actual cost historical cost is the initial cost
What are the different type of cost?
The different types of costs:opportunity costaccounting cost or historical coststransaction costsunk costmarginal cost
Why do you think standard accounting practice focuses on historical cost rather than market value?
because that is the actual cost paid
How would you define a standard cost?
A standard cost is a predetermined cost that a company expects to incur in producing a unit of product or providing a service. It is used as a benchmark for evaluating actual costs and performance. The standard cost is based on factors such as historical data, industry benchmarks, and management estimates.
What are the type of costing?
The different types of costs:opportunity costaccounting cost or historical coststransaction costsunk costmarginal cost
How is a grocery cost calculator different than a standard calculator?
A grocery cost calculator is used to estimate and calculate the food cost for a family. Its different than a standard calculator which is used to calculate the answer to math problems.
What is the definition of Historical Cost?
what is the definition of historical cost
What is historical cost?
Historical cost is the cost of an item when it was originally acquired. Historical cost does not reflect the change of value over time that an asset undergoes.
Advantages of historical cost accounting?
strength of historical cost accounting
How much does Blockbuster Total Access cost?
there are different levels of membership with different cost. 3-Out, Premium $34.99 2-Out Premium $29.99 1-Out Premium $21.99 3-Out Standard $19.99 2-Out Standard $16.99 1-Out Standard $11.99 1-Out Max 2/mo. $9.99
What is the difference between historical cost and replacement cost?
I believe historical cost is the original cost @ time of buying. Replacement cost is the price it would cost you @ present day values
What is the difference between Standard Cost and Actual Cost?
In standard costing system standard costs for all activities are established for better controlling purpose as well as budgeting purpose so standard cost is that cost which is management expects to occurs if some activity is performed but actual cost is the cost which actually spend to perform specific activity and both costs may be same or different due to many reasons and variance analysis is done to find out the reasons for differences.
