The total time in which a job should be completed at standard performance, inclusive of allowances for fatigue, rest, personal needs, and contingencies, commonly referred to as Standard Time.
In the context of standard costing systems, standard time refers to the time allowed to carry out a production task. It can be expressed either as the standard time allowed or in terms of standard hours representing the output achieved.
Understand the key concept of variable overhead efficiency variance within a standard costing system, and how it affects business financial performance.
