Meaning of “standard costing” in the English Dictionary

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"standard costing" in Business English

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standard costingnoun [ C or U ]

uk us 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” from the Cambridge Business English Dictionary © Cambridge University Press)