ECONOMICS

Detailed explanation-1: -Costing is the technique and process of ascertaining costs. It tries to find out the cost of doing something, i.e., the cost of manufacturing an article, rendering a service, or performing a function.

Detailed explanation-2: -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.

Detailed explanation-3: -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.