What is Costing?
The actual or estimated amount of expenses incurred or to be incurred on a particular product or service is known as cost. The method of assessing the cost of goods produced and services rendered at different stages of the production process is called Costing. The technique or process of estimating input costs at each stage of the manufacturing process is known as costing. There are different methods which are used by companies to determine the cost of products and services.
Difference between Costing and Cost Accounting
Costing and Cost Accounting are two different terms. The former is a method of assessing the cost of goods produced and services rendered at different stages of the production process. However, the latter is an accounting system that refers to analyzing and recording the costs involved in the production of any product.
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