cost accounting
"The manager spent the morning reviewing the costing records to identify which production line was most inefficient."
The estimation of the cost of a process or product.
"The project manager spent hours on costing to determine if the new software would fit within the budget."
In plain English: Costing is figuring out how much something will actually cost to make or buy before you spend any money on it.
"The cost of living continues to be costing more money for families every month."
Usage: Use "costing" specifically when referring to the calculation or estimation of expenses, rather than the general act of spending money. It is often confused with "cost," which denotes the actual price paid.
present participle of cost
"The new project, costing millions of dollars, will begin construction next month."
In plain English: To cost something is to find out how much money it will take to make, buy, or run it.
"The new phone was costing me too much money every month to keep up with my plan upgrades."