Standard costing is a method of setting targets and reporting divergences from them. That is in short words. The process to do it isn’t really that short. In this post, I am going to reveal it, step-by-step, to make sure it is the easiest way to understand it. But before that, let me explain it in brief. Read on… Financial reporting tells you how much profit or loss we have made in a period. Comparison with the budget will tell you [...]