What is standard costing? What is Variance? Advantages, Disadvantages.

Standard cost accounting can be a highly useful tool for managers, who are attempting to plan a more accurate budget. Accurate budgets could lead to a profitable and efficient business at the end of the day.
In this video, topics I have covered are
1. What is standard costing?
2. What is Variance?
3. Need for Standard Costing or importance of standard costing,
4. Process of Standard Costing,
5. The Advantages of standard costing,
6. The Disadvantages of standard costing, and
7. How to Calculate the standard cost.
Direct and Indirect material, Labour, Overhead -    • Elements of cost | Direct and Indirec...  

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