COST ACCOUNTING
INTRODUCTION TO COST ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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uniform costing
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standard costing
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marginal costing
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historical costing
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All of these
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Detailed explanation-1: -Expert-Verified Answer. The main type of costing for ascertaining costs does not include Standard Costing. It’s a technique of costing in which standardised principles and methods of cost accounting are used by different companies/firms. It facilitates in interfirm comparison and initiating realistic pricing policies.
Detailed explanation-2: -Different Methods of Costing – Job Costing, Contract Costing, Batch Costing, Process Costing, Operating Costing, Operation Costing, Unit Costing and a Few Others. The methods to be used for cost ascertainment depend on nature of industry. Costs of production or service rendered differ from industry to industry.
Detailed explanation-3: -Costs are broadly classified into four types: fixed cost, variable cost, direct cost, and indirect cost.
Detailed explanation-4: -Types of cost accounting include standard costing, activity-based costing, lean accounting, and marginal costing.