What do you mean by standards?
A standard is a repeatable, harmonised, agreed and documented way of doing something.
Standards contain technical specifications or other precise criteria designed to be used consistently as a rule, guideline, or definition.
Any organization can establish standards for internal or external use..
What are examples of standards?
The following are common examples of standards.Industry Standards. Industry standards for processes, products, services, practices and integration. … National Standards. … International Standards. … Quality Standards. … Professional Standards. … Trading Standards. … Employment Standards. … Building Code.More items…•
What are standards in life?
Well, think of them as the set of behaviours, beliefs or values that you have decided to live by. Standards govern how you live your life, what people learn to expect from you, and what you’re willing to put up with.
What are the 4 types of standards?
Standards in Accounting (4 Types)Ideal, Perfect, Maximum Efficiency or Theoretic Standards: Ideal standards (costs) are the standards which can be attained under the most favourable conditions possible. … Normal Standards: … Basic Standards: … Currently Attainable or Expected Actual Standards:
What are three types of standards?
Following are different types of standards:Basic standards.Normal standards.Current standards.Attainable (expected) standards.Ideal (theoretical) standards.
What is a basic standard?
Basic Standards are the unaltered standards which are used over for a longer period of time and do not reflect current conditions. These standards are not useful from the cost of control point of view as they consider only fixed costs. … It is only a technique which is used with the intention of controlling cost.