Finance Numericals

  Costing:   There are different types of costing techniques are used in cost accounting. Costing is a technique to ascertain the cost of a product. The cost sheet is prepared to know the total cost and cost per unit of a product. Types of methods: Different companies used different methods to know its cost of a product. Same methods are not applied in different companies to ascertain the correct cost of a product. Types of costing methods are as follows: 1.         Job Costing: It helps to determine the cost of each job which is carried according to customer requirement and the jobs are small in numbers. In this method cost of unit is separately identified. Each job cost separately because each job is different from others. The profit and per unit cost of product is calculated with the help of cost sheet statement. For example printing company, 2.         Contract Costing:   The contract based work is come under this costing method. It is large in size in comparison to unique