What do you mean by Cost & Costing?

Meaning and Definition of Cost and Costing.

Cost is the price to be paid or amount of money needed to obtain something. It may be actual or national, incurred or attributable to a given product or services rendered.

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Costing refers to ‘the technique and process of ascertaining costs’. It is the process of classifying, recording and appropriate allocation of expenditure for the determination of cost of product or services rendered.

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