Costing & Budgeting

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.

1. Job Order Costing
2. Process Costing
3. Activity-Based Costing (ABC)
4. Variable Costing
5. Absorption Costing
6. Marginal Costing
7. Life Cycle Costing
8. Standard Costing
9. Uniform Costing
10. 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.

1. Master Budget
2. Operating Budgets
3. Static Budget
4. Flexible Budget
5. Incremental Budget
6. Zero-Based Budgeting (ZBB)
7. Cash Flow Budget
8. Project Budget
9. Expense Budget
10. Sales Budget
11. Production Budget
12. Marketing Budget