definitions

standard cost

noun

a predetermined cost of material, labor, etc., based on specifications prepared from time-and-motion studies, accounting records, and the like.

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Nearby words

standard bicarbonate, standard book number, standard candle, standard cell, standard coin, standard cost, standard deviation, standard dollar, standard english, standard error, standard error of difference
Compare actual cost.

Origin of standard cost

First recorded in 1930–35
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019

British Dictionary definitions for standard cost

standard cost

noun

accounting the predetermined budgeted cost of a regular manufacturing process against which actual costs are compared
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012