Title: LESSON EIGHT: Standard Costing
Course: BAC300: Management Accounting I (PEBL)

8.1 Introduction

This lesson aims at helping you understand the meaning and nature of standard costing, standard cost and the importance of standard costing in real life situations.

8.2 Lesson Learning Outcomes

At the end of this lesson, you will be able to:

1. Define standard costing.
2. Explain standard cost.
3. Explain the importance of standard costing.