Performance Standard

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Definitions
Cost Standard
Cost Standard Predetermined Costs Cost Control Performance Standard Standard Overhead Costs Cost Centre Production Costs Financial Management
A predetermined level of cost expected to be incurred by a specific cost item in the supply, production, or operation of a service, product, process, or cost centre. Cost standards are often applied to performance standards in order to calculate standard overhead costs.
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Definitions
Current Standard
Current Standard Standard Costing Performance Standard Operational Variance Revision Variance Accounting Terms
A cost, income, or performance standard based on current operating conditions and established for use over a short period of time in accounting and finance.
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Definitions
Performance Standard
Performance Standard Standard Costing Direct Labor Cost Accounting Standard Rates Efficiency
In standard costing, a performance standard refers to the predetermined level of performance to be achieved during a specific period, which is used to calculate standard costs for processes, typically direct labor and materials.
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