A costing system, by definition:
“Costing system is that system in which we calculate different costs with different methods and also monitor cost for reducing wastage and misuse of resources.”
A costing system is made up of different elements which best suits a company’s operations. They have many elements that can be meshed into one system, and go hand in hand with one another. These methods include; Job costing, Process Costing, Absorption costing, Traditional costing and Activity based Costing
Costing systems are relevant and useful in practices today because they provide a more efficient way in which managers and CEO’s monitor and influence costs and cash flows of a business. Costing systems therefore, sometimes need to be specialised for various business sectors. This is because different businesses operate in different ways, for example, a clot...
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Horngren, C., Datar, S., & Rajan, M. (2012). Cost Accounting (14th ed., pp. 324 - 331). England: Pearson.
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Innes J and Mitchell, F (1998), A practical guide to activity based costing, Kogan Page/CIMA.
Managerial Accounting 6e. (n.d.). Retrieved from cambridgepub: http://www.cambridgepub.com/managerialaccounting_6e/MA_6e_CH02_Website.pdf
wiseGEEK,. (2014). What Are the Different Management Accounting Tools?. Retrieved 2 May 2014, from http://www.wisegeek.com/what-are-the-different-management-accounting-tools.htm
Vitez, O. (2013). What Are the Advantages & Disadvantages of Process Costing? Retrieved from Chron: http://smallbusiness.chron.com/advantages-disadvantages-process-costing-4098.html
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