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English definition of “standard costing”

standard costing

noun [C or U]     ACCOUNTING
a system used for calculating the expected cost of a product by using data from similar projects to measure and control the real costs. A standard costing includes a share of overhead costs (= general business costs): The standard costing system is a helpful tool for creating a budget for the development of a new product.
(Definition of standard costing noun from the Cambridge Business English Dictionary © Cambridge University Press)
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