Interested to Buy Any Domain ? << Click Here >> for more details...
what is the difference between method of costing and technique
of costing
- 2 Answers
- 37025 Views
- I also Faced
- E-Mail Answers
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 |
Any income which is earned in the financial year(2009-10) but received in the assessment year(2010-11) wil be taxable or not?
what is indian income & foreign income
What knowledge should financial accountant have?
how to pass this entry in tally? Dear Sir, I have just started learning tally . I am practicing tally. and I am following 11th Std book for practicing. Please help me with the following entry. I know dr and cr part but having problem in grouping. Please Help. Introduced goods of Rs 10,000, cash Rs 15,000, furniture Rs 5000, debtors of Rs 1000 and commenced business. What will be the entry and group for each ledger. Please Help.
Real,Nominal or Personal. Where do reserves, general reserve and Specific Reserve Go? and why?
if we have received the bill of telephone and electricity for the period 16th march to 15 april ,what will be the entry for the year ended 31st march '10?will there be any provision entry for this
definition of Accounts types of accounts debit and credit definition debit and credit rules accounting rules
what is the meaning of written-off as goodwill written-off
what is the difference between shares and debentures
when dissoluction of firm why investment flchuationfund subtrect from book value
Goods sold by Del Credere Agent are sales of manufacturer or Del Credere Agency?
what is turn over? what is vat? what should ido to become a expert in acount? plese ans me
Audit 
