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Types of Standards used in Standard Costing

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA PM Exams › Types of Standards used in Standard Costing

  • This topic has 2 replies, 2 voices, and was last updated 4 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • February 21, 2021 at 1:57 pm #611217
    etienne1
    Participant
    • Topics: 1
    • Replies: 1
    • ☆

    In the notes, you discuss the difference between ideal, basic, EXPECTED and current standards. In past paper answers, these are described as basic, ideal, current and ATTAINABLE . Are attainable and expected standards referring to the same topic? In your notes, expected standards are referred to as ‘easy’ targets however the definition is different in past paper answers. Would appreciate a clarification. Thank you for your excellent lectures!

    February 21, 2021 at 2:24 pm #611232
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54748
    • ☆☆☆☆☆

    I certainly do not say that expected standards are easy targets – I in fact say that they may be too easy to be used as a target, which is not the same thing.

    As I also explain, the current standards will be the current attainable standards (i.e. what can be expected to be achieved).

    February 21, 2021 at 3:18 pm #611241
    etienne1
    Participant
    • Topics: 1
    • Replies: 1
    • ☆

    Thanks for clarifying!

    February 22, 2021 at 7:47 am #611269
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54748
    • ☆☆☆☆☆

    You are welcome 🙂

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘Types of Standards used in Standard Costing’ is closed to new replies.

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