costing
Học thuậtThân thiện
Definition
Noun 1. Cost accounting: The process or system of recording, analyzing, and allocating all costs associated with producing a product or providing a service. It is a specialized branch of accounting focused on determining the total expenses of business operations.
Usage Examples
- Noun:
- Accurate costing is essential for setting the right price for our new product.
- The management team requested a detailed costing of the proposed marketing campaign.
- She specializes in product costing for the manufacturing division.
Advanced Usage
- Activity-based costing (ABC): A specific, more precise method of costing that assigns overhead and indirect costs to related products and services based on the activities that generate costs.
- The company switched to activity-based costing to get a clearer picture of profitability per client.
- Job costing: A costing method used for unique or custom products and services, where costs are assigned to a specific "job."
- The construction firm uses job costing for every building project.
Variants and Related Words
- Cost (verb/noun): The amount that must be paid or spent to buy or obtain something. (e.g., )
- Costly (adjective): Expensive; involving great cost. (e.g., )
- Cost accountant (noun): A professional who specializes in cost accounting.
Synonyms
- Cost accounting
- Expense analysis
- Cost estimation
Related Phrases
- Costing out: The process of calculating the total cost of a specific project or plan.
- We are currently costing out the options for the office renovation.
- Absorption costing: A costing method that includes all manufacturing costs—direct materials, direct labor, and both variable and fixed overhead—in the cost of a product.
- The financial report was prepared using absorption costing principles.