Costing and budgeting are two fundamental financial management processes that organizations use to plan, control, and monitor their financial resources.
Costing refers to the process of estimating and allocating expenses associated with producing a product, providing a service, or carrying out a project. The objective is to determine the total cost involved in each stage of the production or service delivery process.
Job Order Costing
Process Costing
Activity-Based Costing (ABC)
Variable Costing
Absorption Costing
Marginal Costing
Life Cycle Costing
Standard Costing
Uniform Costing
Predetermined Overhead Rate
Budgeting involves the process of creating a detailed plan that outlines expected revenues and expenses over a specific period. Budgets serve as financial roadmaps, helping organizations allocate resources efficiently and achieve their financial goals.
