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