what is the difference between method of costing and technique
of costing
Answers were Sorted based on User's Feedback
Answer / h.r. sreepada bhagi
Methods of Costing - Used to ascertain the cost of output -
Final output of intermediary output (i.e. Product, Service,
Job, Contract, etc.) There are various methods of costing
such as - 1.Process Costing, 2.Job Costing, 3.Contract
Costing, 4.Service(Operations) Costing, 5.Batch Costing,
6.Multiple Costing (Combination of two or more of the above
methods in case of a complex production system.
Techniques of Costing - Used to control and reduce the cost
of output - Final output of intermediary output (i.e.
Product, Service, Job, Contract, etc.) There are various
techniques of costing such as - 1. Activity Based
Costing(ABC), 2.Marginal Costing, 3.Absorption Costing, 4.
Historical Costing, 5. Direct Costing 6. Standard Costing.
Different company's may use different methods or techniques
with variations to suit their industry or business & other
practical considerations. The whole purpose of
use/application of any costing method or technique is to
ascertain the output cost on regular basis and strive for
control and reduction of cost with out hampering the quality
of the product (It's endeavor of any company to improve the
quality & performance of their product/service on a
continuous basis)
For more info, refer Cost Accounting & Management Accounting
Books
Is This Answer Correct ? | 54 Yes | 9 No |
Answer / yakub adam damilare
Costing methods are used to determine d cost of product or services considering d nature of d product or services in question. Such as specific order costing method and d continuous operation method. Example of d specific other are; job costing, contract costing and batch costing. Example of continuous operation are process costing and services costing.
Costing techniques is used to control d costing method adopted by various organisation in other control and reduce d cost of output. Costing techniques is regardless to the nature of job, various techniques can be adopted by various organisation. Example are; marginal costing techniques, absorption costing techniques, standard costing techniques, uniform costing techniques also ABC(activity based costing) techniques.
Is This Answer Correct ? | 9 Yes | 0 No |
How to void a payment
please tell me last date of esi return by half yearly? 1.4.2009 to 31.9.2009 ist quater.........? 1.10.2009 to 31.3.2010 2en quater........?
what is the Cash purchase limit.
instead of clicking backup,i selected restore in tally7.2 and all my data is lost and i also forgot the comapny name,which i wanted to restore?how to recover my data?
describe the rule of garner vs murray and how it relates to the dissolution of a partnership
What is normative accounting?
Do you know executive accounting?
suppose total salaries paid is 10000, 1000 is outstanding. how & which amount will shown in receipts & payment, income & expenditure and balance sheet accounts
What is the difference betwween letter of credit and contract of gaurantee.........in what situations these will issued by whom?
1. What do u mean by custom duty? 2. How can u prepare Salary Statement in Company? 3. how much amount will pay to a cotractor through T.D.S ?
what is the order in praparing the balance sheet, placing of assets
How would the business ensure that he could not use the business cheque to pay for printing work he ordered for personal use?