ECONOMICS

Detailed explanation-1: -Costing refers to the techniques and processes of ascertainment of costs. Costing is any system for assigning costs to an element of a business.

Detailed explanation-2: -Costing-The technique and process of ascertaining costs is known as Costing.

Detailed explanation-3: -What is Costing ? The technique and practice of recognising input costs at each stage of manufacturing is referred to as ‘costing.

Detailed explanation-4: -Standard costing is a technique where the firm compares the costs that were incurred for the production of the goods and the costs that should have been incurred for the same. Essentially it is the comparison between actual costs and standard costs. The differences between the two are variances.

Detailed explanation-5: -Cost Ascertainment: It refers to methods and processes involved in calculating cost actually incurred on the basis of actual data shown in cost records. It involves computation of historical cost i.e. the cost which has already been incurred.