Methods of Costing
The cost of products or services is determined using several methods. The use of a given method is dictated by such factors as: the nature of cost units, the production process, the mode of cost accumulation, the duration of work etc.
The following are the well established methods of costing
a. Job / Batch costing
b. Contract costing
c. Process costing
d. Service costing
Techniques of Costing
Irrespective of the type of costing method being applied there are various approaches that could be adopted. These are:
Full Absorption costing
Marginal costing
standard costing using
absorption costing
marginal costing
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