Question

according to ICMA London __ costing is that form of specific order costing which applies where work is undertaken to customers special requirements​

Answer 1

According to ICMA London, specific order costing is that form of specific order costing that applies where work is undertaken to customers' special requirements​.

Explanation:

• Specific Order Costing method is implemented for the made-to-order type of products which relies completely on the specification of customers.  

• Per-se, there is no standardization in the production process or need for uniformity.

• Specific order costing is of three types:

• Job costing – Work is done on special demand and the product/service is provided in a short time.

• Contract costing – It consists of an agreement to perform a specific job, for example, building a bridge on contract.

• Batch costing – This is done when there is a demand for a quantity/batch of special products.