What is another word for normal cost system?
Pronunciation: [nˈɔːmə͡l kˈɒst sˈɪstəm] (IPA) 
A "normal cost system" is a way of calculating the cost of a product or service based on the historical average cost of materials, labor, and overhead. There are several synonyms for this term, such as standard cost accounting, traditional cost accounting, and historical cost accounting. Standard cost accounting is a similar approach, but it relies on predetermined costs rather than historical averages. Traditional cost accounting focuses on finding ways to reduce costs while maintaining quality. Historical cost accounting, on the other hand, emphasizes the importance of accurately tracking the actual cost of each component of a product or service. Overall, each of these synonyms reflects a different perspective on how to calculate costs and optimize profitability.
