found out and utilized with the end goal of cost control.

‐ I.C.M.A. London

2) Arrangement of Records: Records are grouped to help

assortment and examination. To utilize the arrangement of standard costing successfully, all

accounts must be arranged based on their capacities, things of

income nature, resources and liabilities, and so on Codes are given for every thing and

each record alongside components of cost with this end in see, codes may

be utilized. A code is an emblematic portrayal of a specific thing of

data.

3) Kinds of Principles: Fundamentally, there are two sorts of standard:

(a) Current Norm

(b) Fundamental Norm