COSTING Meaning and
Definition
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Costing is a process of estimating or determining the expenses or financial outlay required for the production, purchase, or provision of goods, services, or activities. It involves evaluating various elements like materials, labor, overhead, and other direct or indirect expenses, in order to calculate the total expenditure associated with a product, service, or project. The goal of costing is to determine the financial impact of various factors involved in the production or provision process, allowing businesses or individuals to make informed decisions and manage their resources effectively.
Costing typically involves detailed analysis and calculations to determine the cost of each component, factor, or operation involved in a specific activity. This may include material costs, labor costs, equipment costs, transportation costs, and other associated expenses. Additionally, costing often takes into account indirect costs such as administration, marketing, utilities, and maintenance.
The information derived from costing plays a crucial role in numerous business functions, such as pricing strategies, budgeting, profit planning, inventory control, and overall financial management. It helps businesses evaluate the profitability and viability of their products, services, or projects, enabling them to set appropriate pricing, negotiate contracts, make informed investment decisions, and identify areas for cost reduction or optimization.
Overall, costing is a vital tool for businesses to accurately evaluate and manage their financial commitments in order to attain efficiency, profitability, and sustainable growth.
Top Common Misspellings for COSTING *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for COSTING
Etymology of COSTING
The word "costing" has its origins in the Old English word "costian", which means "to try, strive, or go to the expense of". This Old English word comes from the Old Norse word "kostr", which means "choice" or "opportunity". Over time, the meaning of "costing" expanded to include the notion of evaluating and determining the expense or price of something.
Similar spelling words for COSTING
- Costanza,
- posting,
- costner,
- Costanzo,
- coston,
- casting,
- coating,
- Costin,
- jesting,
- jousting,
- coaction,
- Coasting,
- costanoan,
- Hosting.
Conjugate verb Costing
CONDITIONAL
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FUTURE
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will cost
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FUTURE PERFECT
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will have cost
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PAST
he/she/it
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PAST PERFECT
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PRESENT
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cost
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cost
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cost
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costs
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cost
PRESENT PERFECT
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have cost
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have cost
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have cost
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has cost
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have cost
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am costing
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are costing
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are costing
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was costing
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will have been costing
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