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what is the difference between method of costing and technique
of costing
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Answer Posted / 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.
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