A guide to the historical controversies and organizational contexts of standard costs |
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| Institution: | 1. School of Automation, Central South University, Changsha, China;2. Hunan Provincial Key Laboratory of Power Electronics Equipment and Grid, Changsha, China;3. School of Energy Science and Engineering, Central South University, Changsha, China;4. XEMC Windpower Co., Ltd., Xiangtan, China;5. State Key Laboratory of Offshore Wind-power Technology and Testing, Xiangtan, China;6. School of IT Information and Control Engineering, Kunsan National University, Kunsan, Republic of Korea;1. Navigant Consulting Inc., 1375 Walnut Street, Suite 200, Boulder, CO 80302, United States;2. Department of Applied Economics, University of Minnesota, 1994 Buford Ave, N. 231 E Ruttan Hall, St. Paul, MN 55108, United States;1. CSIRO Earth Science and Resource Engineering, 26 Dick Perry Avenue, Kensington 6151, Australia;2. Geological Department ETH Zurich, Switzerland;3. CSIRO Microbeam Laboratory, Process Science and Engineering, Bayview Avenue, Clayton 3168, Australia;4. Geological Survey of Western Australia, Department of Mines and Petroleum, Mineral House, 100 Plain Street, East Perth, WA 6004, Australia;1. Humphrey School, University of Minnesota, USA;2. BIOPAC System, California, USA;3. Department of Applied Economics, University of Minnesota, USA |
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| Abstract: | Undergraduate accounting students in the US receive little or no exposure to the history of their discipline. In an effort to remedy this deprivation, the authors suggest a series of historical vignettes to serve as collateral reading in accounting courses. This essay, designed to supplement the standard costing and variance analysis chapters of a cost or managerial textbook, is offered as an example of the historical background pieces envisioned.Students and educators alike may not realize that standard costing has served far different roles in the premodern, modern, and postmodern eras. We trace the history of cost accounting from the UK and US industrial revolutions to the current era in order to identify several divergent interpretations attributed to standard costing. We emphasize how the purposes of standard costing have changed over time and why target costing is the proper focal point in the postmodern era. |
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