Costing system

hybrid costing system
a costing system combining characteristics
of both job order and process costing systems
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process costing system
The cost accounting system where similar units are mass produced. Costs are collected by department and are then assigned to the units produced.
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Actual costing system: A costing system that determines costs by using actual prices and quantities of inputs.

costing system that identifies the various activities performed in a firm and uses multiple cost drivers (volume and nonvolume based cost drivers) to assign overhead costs (or indirect costs) to products.

Process costing system
A process costing system is a costing system used in those manufacturing situations where a single, homogeneous product, such as cement or flour, is produced for relatively long periods of time.
Process costing ...

A product costing system generally used in a just-in-time inventory environment. Backflush costing delays the costing process until the production of goods is completed.

A standard costing system may provide many advantages, as Illustrated on page 1117 of your text. A major element in standard costing is to increase the efficiency of the manufacturing company, by focusing upon how much each resource should cost.

With a job costing system, the costs of each job are tabulated on a job cost sheet. A similar tabulation of costs is needed for process costing but with emphasis on costs by department.

Any comprehensive wine costing system should start with keeping wines separate by vintage and varietal as the wines move from bulk to bottle.

Full-cost costing is very similar to the costing system used by book publishers, printers and distributors in the Former Soviet Union (FSU). As a result it will be well understood by many publishers in that region.

ACTIVITY BASED COSTING (ABC) - a costing system that identifies the various activities performed in a f...
ACTIVITY BASED MANAGEMENT (ABM) - converts Activity Based Costing (ABC) into a system to manage an orga...

Thinking about costs quickly raises some issues that need to be addressed in any costing system. Some costs can be directly attributed to activities. Some cannot.
Direct Costs ...

Insurance, electricity, janitorial services, and other expenses of a factory that are allocated to goods manufactured when using an Absorption Costing system; all manufacturing expenses except Direct Materials and Direct Labor.
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Costing System An accounting system established to monitor a firm's costs, providing management with information on operations and performance.

See also: Expense, Bookkeeping, Cost of goods, Job, Direct labor