What is your understanding of costing?

Question

Accepted Answer

Costing refers to the process of estimating and calculating the expenses involved in producing a product or providing a service.

Costing involves analyzing all the costs associated with a product or service, including materials, labor, overhead, and other expenses.
It helps in determining the selling price of a product or service by adding a markup to the total cost.
Costing also involves cost control measures to ensure that expenses are kept within budget and profitability is maintained.
Different costing methods such as job costing, process costing, and activity-based costing can be used depending on the nature of the business.
Costing is essential for decision-making, budgeting, pricing strategies, and overall financial management.

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