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Discuss the other advantages of using standard costs

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Discuss the other advantages of using standard costs.

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The expert discusses the other advantages of using standard costs.

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Dear student,
Complete answer to your question is provided in a separate word document attached.It is also produced below for ready reference.

Meaning and nature of Standard Costing.
Management accounting is mainly concerned with the control of cost. Cost control and cost Reduction are the important functions of management accounting. Cost data are used by the management for the purpose of pricing, performance evaluation and control.
Standard costing is one of the techniques of cost control. Therefore it is a part of management accounting tools.
Standard costing refers to principles and procedures which involve the use of predetermined standards for each element of cost.
It suggests what the reasonable cost should be under the given conditions. Following steps are involved in standard costing.
1 Standard cost is calculated on technical estimate.
2 Actual costs are compared with standard costs and ...

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