Improving Managerial Accounting and Calculation of Labor Costs in the Context of Using Standard Cost

Abstract: Economic development and strong competition that manifests in the global economyrequire management companies to find solutions to identifycation and proper use of theirresources. Managerial Accounting provides the information necessary for the adoption ofmeasures relating to planning and cost control. Standard cost calculation method enablesmanagers to streamline activity by setting standards and formulating cost plans. One of themost important components of cost in the industry is related to labour costs. For this reason itis important that they be planned and analyzed to determine deviations recorded and thecauses that have generated them