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Costing System – Ten Questions Quiz !

Costing System

Costing is used for many different purposes such as fixing selling price of products, analyzing costs associated with different products and activities to facilitate decisions on product mix and methods, analysis of costs and profitability for investment decisions and cost control.

 

Different business and industry needs different costing systems to meet their individual requirements. It is not possible to devise a single costing system to fulfil everybody’s needs. Different methods of costing for different industries depending upon the type of manufacture and their nature have been developed. Various methods of ascertaining costs are available to suit the business need. But the basic principles are the same in every method.

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