What are cost accounting methods?

[kuldeep]

I’ve been learning a bit about accounting, and I’m curious—what are cost accounting methods? From what I understand, they’re different ways businesses track and analyze costs, like job costing, process costing, standard costing, or activity-based costing. For those of you working in finance or management, which method do you find most useful in practice? And do certain industries prefer one method over another?

 

[Mayank]

Cost accounting methods are techniques used to record, analyze, and allocate costs of production or services. Common methods include job costing, process costing, activity-based costing, and standard costing. These help businesses control expenses, improve efficiency, and set accurate pricing strategies.

 

[nikhilrajoria]

Main methods include job costing, process costing, activity-based costing, and standard costing.

 

[robertwilliam]

There are different kinds of cost measurement methods: Job Costing, Process Costing, Activity-Based Costing (ABC), Marginal Costing, Absorption Costing, and Standard Costing. All of them serve different business needs in cost allocation, decision-making, and performance evaluation.

 

[jasminsain]

Cost accounting methods are techniques used to record, analyze, and control production costs. Common methods include job costing (for custom orders), process costing (for mass production), activity-based costing (allocates overhead by activities), standard costing (uses preset costs), and marginal costing (considers variable costs for decision-making and profit analysis).