Introduction to Process 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'. As per to the Institute of Cost and Management Accountants [UK] operating costing is, 'that type of operating costing that applies in which standardized services are offered either through an undertaking or through a service cost center in an undertaking'.
NATURE OF OPERATING COSTING
The major purpose of operating costing is to calculate the cost of the services that are offered by the organization.
For doing this, it is essential to decide the unit of cost in such types of cases. The cost units change from industry to industry. For instances, cost per ton kilometer is to be determined while in case of passenger transport, in goods transport industry, cost per passenger kilometre is to be calculated.
The next step is to collect and identify several costs with in different headings. The headings that are used are as follow:
Ø Fixed or standing charges
Ø Semi-fixed or maintenance charges
Ø Variable or running charges.
One of the significant features of operating costing is that mainly such costs are fixed in nature. For instance, in case of passenger transport organization, mainly the costs are fixed when few costs such as diesel and oil are variable and relies on the kilometres run
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