Types of Costing Techniques

Types of Costing

Costing is very important aspect of management accounting , in fact management accounting is based on different costing techniques and their further implication at different scenarios. Costing techniques provides a bases for management to perform management function. For example standard costing technique provides a bases for preparing budgets that is basically a controlling tool of organization resources.

Types of Costing

There are variety of costing techniques , however, we have mentioned the some important costing techniques.

1. Standard costing
2. Absorption Costing
3. Marginal Costing
4. Activity based Costing
5. Process Costing
6. Job order Costing
7. Batch Costing

Types of Cost

like costing techniques we use different cost concept in management accounting, we have given some important cost concept.

1. Opportunity cost
2. Relevant cost
3. Sunk Cost
4. Fixed Cost
5. Variable cost
6. Step cost
7. Committed cost