Costing (Meaning, Definition and Techniques of Costing)
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| Costing |
Meaning of costing :- Costing involves calculating the expenses associated with a product, service, or project. It helps determine the total cost involved in production, including materials, labor, overhead, and other relevant expenses.
Definition of costing :- Costing is the techniques and Process of ascertaining costs.
Techniques or methods of costing:-
1. Job costing
2. Process Costing
3. Activity based costing (ABC costing)
4. Standard Costing
5. Marginal Costing
6. Absorption Costing
7. Historical Costing
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