Introduction to Costing Methods and Techniques
It is essential to understand the variation between the costing methods and techniques. Costing methods are those that assist a firm to calculate the cost of production or services offered by it. Alternatively, costing techniques are those that assist a firm to represent the data in a specific manner so as to make easy the decision making and cost control and cost reduction. Costing methods and techniques are described below.
Methods of Costing:-
The methods of costing are as follow:
As described in the above paragraph, the methods of costing are employed to determine the cost of product or service that is offered through a business organization. There are two main methods of costing. These methods are as follows
I] Job Costing
This method of costing is employed in Job Order Industries in which the production is as per the needs of the customer. In Job Order industries, the production is not on incessant basis; rather it is only while order from customers is get and that too according to the specifications of the customers. Subsequently, each job can be dissimilar from the other one.
II] Process Costing
The techniques of costing generally aim at finding out the cost of a product or service that is offered through the organization. Process Costing is also a technique of costing that is used in those industries in which the production is in constant process that is the output of one process turns into the input of the following process and so on.
Other methods of costing are the variations of these two principle methods. The variations of these types' methods of costing are as follows.
I] Job Costing:
A. Batch Costing - In the job costing, we have observed that the production is according to the orders of the customers and as per to the specifications mentioned through them. Alternatively, batch costing is employed in which units of a product are manufactured in batches and employed in the assembly of the finishing product.
B. Contract Costing- Contract Costing is a method employed in construction industry to carry out the cost and profit of a specific construction assignment. The standards of job costing are also appropriate in contract costing.
Operating Costing- Cost Accounting has been conventionally related with manufacturing companies. Though in the current competitive market, cost accounting has been more and more applied in service industries such as insurance companies, banks, transportation organizations, hospitals, passenger transport and railways, electricity generating companies, hotels, road maintenance, road lighting, canteens, educational institutions, port trusts and various other service organizations. The costing method applied in these industries is termed as 'Operating Costing'.
Latest technology based Cost Accounting Online Tutoring Assistance
Tutors, at the www.tutorsglobe.com, take pledge to provide full satisfaction and assurance in Costing Methods and Techniques homework help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Costing Methods and Techniques, project ideas and tutorials. We provide email based Costing Methods and Techniques homework help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Costing Methods and Techniques. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Cost Accounting homework help and assignment help services. They use their experience, as they have solved thousands of the cost accounting assignments, which may help you to solve your complex issues of Costing Methods and Techniques. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.
tutorsglobe.com pinnately compound leaves assignment help-homework help by online simple and compound leaves tutors
tutorsglobe.com palmately compound leaf assignment help-homework help by online simple and compound leaves tutors
General Characteristics of Protozoa tutorial all along with the key concepts of Occurrence and distribution of Protozoa, Ecology of Protozoa, Morphology of Protozoa, Feeding Structure of protozoa, Reproduction of Protozoa and Importance of Protozoa
tutorsglobe.com reproduction in angiosperms assignment help-homework help by online reproduction biology tutors
tutorsglobe.com collection of rainwater from terrace assignment help-homework help by online rain water harvesting tutors
tutorsglobe.com bracts and bracteoles assignment help-homework help by online position of flower tutors
The limitations and difficulties faced through the Inter firm comparison since Inter firm comparison in its honest use and because cannot be difficult to any segment in it.
Chemistry of the Noble Gases tutorial all along with the key concepts of Rediscovery of Noble gases, Position of Noble Gases in the Periodic Table, Occurrence, Isolation and uses of noble gases and General Characteristics of noble gas
Mechanism of Antibody Formation tutorial all along with the key concepts of Theories of Antibody Formation, Production of Antibodies, Qualitative Changes and Cellular Events, Antigen/antibody interactions, Lymphocytes, B-Lymphocytes and T-Lymphocytes
Find the most customized Buddhism Assignment Help service to resolve complex papers and to attain your desired grades.
tutorsglobe.com applied biology assignment help-homework help by online zoology tutors
Want top-notch Helminthology Assignment Help to score high? Don't panic, qualified tutors are at your service 24x7 for securing A++ at fair prices.
tutorsglobe.com medicinal plants including microbes assignment help-homework help by online crop diseases and their control tutors
Get the best Nonlinear System Assignment Help service from subject matter experts at fair prices and score A++ grades with authentic papers.
Heredity and Environment tutorial all along with the key concepts of Probability in Genetics, Probability to the Formation of Gametes, Formation of Offspring in Humans, Formation of Offspring in Plants
1961177
Questions Asked
3689
Tutors
1445325
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!