costing

costing cost‧ing [ˈkɒstɪŋ ǁ ˈkɒːst-] noun [countable, uncountable] ACCOUNTING

the process of calculating the cost of a future activity or product, or the calculation itself:

• Railtrack originally said the scheme would cost £100 million, but last year produced revised costings of £350 million.

abˈsorption ˌcosting [uncountable] ACCOUNTING

a way of calculating the cost of a product, including the cost of producing it and also the general costs of running the business or factory

ˈbatch ˌcosting [uncountable] ACCOUNTING

a system where the cost of making a product is calculated by the batch rather than by the individual item, including comparing the costs of different sized batches made under different conditions

ˈjob ˌcosting [uncountable] ACCOUNTING

the costing of each piece of work in a production process as a separate cost

ˌmarginal ˈcosting also ˌstandard ˈcosting [uncountable] ACCOUNTING

a system of costing where Overheads (= general costs not directly related to particular goods or services) are not included and are calculated separately

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costing UK US /ˈkɒstɪŋ/ US  /ˈkɑːstɪŋ/ noun [C or U] ACCOUNTING

► the process of calculating how much a product or service will cost, or the actual calculation itself: »

We'll need to see some detailed costings before we can decide to go ahead with the project.

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This software will help you provide accurate costing for each job that you do.

→ See also ABSORPTION COSTING(Cf. ↑absorption costing), BATCH COSTING(Cf. ↑batch costing), DIRECT COSTING(Cf. ↑direct costing), FULL COSTING(Cf. ↑full costing), JOB COSTING(Cf. ↑job costing), MARGINAL COSTING(Cf. ↑marginal costing), STANDARD COSTING(Cf. ↑standard costing), VARIABLE COSTING(Cf. ↑variable costing)