historical costingCOSTING systems where costs and revenues are calculated after the end of the accounting period in which they are incurred. Historical costing permits the accurate calculation of costs afterwards but is of little use for forward planning purposes. Contrast PREDETERMINED COSTING.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson