Define: Total Standard Cost

UK Accounting Glossary

Definition: Total Standard Cost


Quick Summary of Total Standard Cost


In standard costing, the total standard production cost plus the standard cost allowance for the non-production overhead.



What is the dictionary definition of Total Standard Cost?

Dictionary Definition


The total standard production cost plus the standard cost allowance for the non-production overhead.


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Full Definition of Total Standard Cost


In standard costing methods, the total standard cost is calculated by adding the production cost to the standard cost allowance for the non-production overhead.


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Total Standard Cost FAQ's


What are standard costs?

Standard costing is the practise of substituting an expected cost for an actual cost in the accounting records. Subsequently, variances are recorded to show the difference between the expected and actual costs.


Cite Term


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https://payrollheaven.com/define/total-standard-cost/
Modern Language Association (MLA):
Total Standard Cost. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. January 21, 2020 https://payrollheaven.com/define/total-standard-cost/.
Chicago Manual of Style (CMS):
Total Standard Cost. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/total-standard-cost/ (accessed: January 21, 2020).
American Psychological Association (APA):
Total Standard Cost. PayrollHeaven.com. Retrieved January 21, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/total-standard-cost/

Definition Sources


Definitions for Total Standard Cost are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • BusinessDictionary.com
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 4th May 2019.