Standard

1. A rule or guideline. See *accounting standards and *auditing standards. 2. A defined level of attainment, proficiency, or quality. International, voluntary consensus standards and conformity assessment criteria for an activity or industry sector define specifications to be applied consistently in, among other things, (i) the manufacture and supply of products, (ii) the classification of materials, (iii) the use of terminology, (iv) the provision of services, and (v) testing and analysis. See the *American National Standards Institute and the *International Organization for Standardization. 3. A mechanism or practice that serves as a quantifiable performance target or as a means of simplifying record keeping. *Standard costs, for example, are used both for budgetary purposes and to simplify *cost accounting procedures.