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Costing is any system for assigning costs to an element of a business. Costing is typically used to develop costs for any or all of the following: Customers. System of computing cost of production or of running a business, by allocating expenditure to various stages of production or to different operations of a firm. Popular 'Accounting & Auditing' Terms. activity based costing (ABC). Cost accounting is the process of recording, classifying, analyzing, summarizing, and allocating . Main article: Activity-based costing · Activity-based costing ( ABC) is a system for assigning costs to products based on the activities they require.
Define costing. costing synonyms, costing pronunciation, costing translation, English dictionary definition of costing. n. 1. An amount paid or required in payment. Costing definition: A costing is an estimate of all the costs involved in a project or a business venture. | Meaning, pronunciation, translations and examples. Cost, costing, cost accounting & cost accountancy are normally used interchangeably but they are not synonyms of each other. They are related.
Is your business looking to improve costing methods? Learn how LillyWorks ERP software can help you drive more informed pricing decisions. English. Verb. costing. present participle of cost. Noun. costing ( plural costings). The estimation of the cost of a process or product. Activity based costing (ABC) assigns manufacturing overhead costs to products in a more logical manner than the traditional approach of simply allocating costs .