ABSTRACT
The subject of Standardisation in Cost Accountancy is not being put forward by the Institute as something that is quite novel or that has never been attempted before and that has to be looked on with any dread or any kind of fear. Labour is taking an increasing interest in all questions of cost, and often to-day we find that in their negotiations with individual employers, delegates bring forward examples of cost at competitive firms. Another factory producing only a few of the range of products of the first, may, on the other hand, carry bulk or process costing through to the completion of the finished product. There has been so much amateur work in the past by persons, who, though they are well disposed, do not recognise their ignorance of the principles of cost accountancy, that the introduction of a costing system instead of proving beneficial to a business, has resulted simply in more waste.
