Costing Techniques Discussion Essay

1888 words - 8 pages





Nwankwo Stephen c.

1.1 Background of the assignment
1.2 Purpose/objectives of the assignment
1.3 Definition of the term
1.4 Historical background of the case study

The aim of the assignment is to find out the ...view middle of the document...

Costing system is also applied in households. A housewife will list items to be bought from the market and cost them before going to the market. The analysis will help her to know the amount she will take to the market. Costing system is important and is applied in our day to day activities.
It is also known that costing is the act of analysing, classifying, collecting and accumulating past costs using standard methods, while costing techniques are the

ways or dimensions of generating a variety of information from cost data for management decision making, there are different types of costing techniques: these includes: standard costing, marginal costing, absorption costing, uniform costing and cash flow analysis. The management determine their use by calling for such information. Looking at all these, the writer strongly believe that the costing techniques mentioned above can lead on firm through the economic situations.
Cost accounting was introduced to avoid the shortcoming of the financial accounting. It is only to avoid the possible losses arising from the mishandling of the financial data. Cost accounting also attempts to assist the management by reporting the operating result at regular intervals at different levels of all activities. It has also to measure the responsibility of the actual performance against planned performance.
This is to find out the important of using costing techniques in the hospitality industry as well as the techniques (method) applied in such an industry. eg operating costing, standard Costing, direct. Costing, absorption costing etc. The aim is to show the extent of the use of these techniques in planning, control and decision-Making in the organizations.
1. To determine the types of costing techniques used in hospitality industry.
2. To ascertain the important of the application of these techniques in hospitality industry.
This is the various ways of generating a variety of information form cost data for planning, control and decision making process. It is an important tool use by cost accountant in supplying information to the management.
This is defined as the collection, accumulation, classification, coding, analysis, processing and recording of cost information to assists management in planning, controls and decision-making.
A cost is defined by CIMA, as the amount of expenditure (actual or notional) incurred on, or attributable to, a specified thing or activities. It may also represents the total amount of expenditure incurred or yet to be incurred in the course of manufacturing a product or rendering a service.
The hospitality industry is a broad category of field within the service industry that include lodging, transportation, event planning and additional fields within the tourism industry. Example Yankari transport...

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