Question

Difference between costing method and costing techniques

Answer 1

Hye!!!...


Ur answer is :-
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Costing methods are use to ascertain the cost of product or services. For example- job costing, process costing, contract costing etc.While costing techniques are used to control and minimize the cost.Examples of costing techniques are -Activity Costing (ABC), Marginal Costing etc..

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Answer 2

The difference between costing method and costing techniques is that that costing techniques uses methods for reducing and controlling the costs. The costing method is used to find out the costs of goods and services

Explanation:

Costing methods

• Costing methods are use calculating and evaluating the cost for different processes involved in manufacturing of the goods.
• The costing methods include the costs of process costing, cost of contract  and more.

Costing techniques

• The various forms of methods like finding the marginal cost, activity cost and costing of other processes that involve the total cost of the jobs
• The costing techniques are methods which are used to minimize the costs involved in various processes.

To know more about costing methods

Methods and techniques for cost accounting

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