Normal costing refers to a management accounting cost system used to assign production costs to manufactured products. Synonyms for this term include standard costing, which is a system used to establish predetermined costs for production, and budgeted costing, which is a method of estimating costs based on forecasted budgets. Another synonym is absorption costing, which assigns all direct and indirect costs to products. Job costing is another method used by businesses that produce custom products or services where costs are assigned to each job individually. Additionally, actual costing is a synonym for normal costing where actual costs incurred during production are used to determine the cost of products.