costing

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Word: Costing

Part of Speech: Noun

Basic Definition: Costing refers to the process of determining how much something will cost to produce or provide. It involves calculating all expenses related to a product or service.

Usage Instructions:

• You can use "costing" when talking about budgets, prices, or the expenses involved in making or delivering something. It is often used in business and accounting contexts.

Example Sentence:

• "The costing of the new project showed that it would be too expensive to complete without additional funding."

Advanced Usage:

In a more advanced context, costing can refer to various methods used to calculate costs, such as: - Activity-Based Costing (ABC): This method allocates overhead costs based on activities that drive costs. - Standard Costing: This involves setting a standard cost for products and comparing it to actual costs.

Word Variants:

• Cost (noun): The amount of money required to purchase something.
• Costly (adjective): Something that costs a lot of money.
• Costing (verb, gerund): The act of calculating costs (e.g., "Costing the project took several weeks.")

Different Meaning:

While "costing" primarily refers to calculating expenses, in some contexts, it can also mean the actual price of something: - For example, "The costing of the new car is higher than last year's model."

Synonyms:

• Pricing
• Valuation
• Expense calculation
• Financial analysis

Idioms:

While there are no direct idioms involving "costing," you might hear similar phrases in business contexts, such as: - "Cutting costs": This means reducing expenses. - "The bottom line": This refers to the final cost or profit after all expenses are considered.

Phrasal Verbs:

There are no specific phrasal verbs that use "costing," but related actions might include: - "Cut down on costs": To reduce expenses. - "Break down costs": To analyze and categorize expenses.

Summary:

"Costing" is a key concept in business that helps determine how much it costs to create a product or provide a service.

Academic

Noun

1. cost accounting