Classification of costs pdf notes

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      (PDF) CHAPTER FIVE THEORY OF COSTS CHAPTER FIVE THEORY OF COSTS In book: Principles of Economics 1 (pp.144-184) Publisher: Department of Economics, Nnamdi Azikiwe University Awka Nigeria
      filexlib. Direct means that we can directly identify the amount of labour that has gone into making the product. Direct Expenses. x. Direct means that this expense was incurred specifically to make this product. Prime Cost. x. Total direct costs is known as the prime cost. Other Production Ovherheads. x.
      Classification of Cost – Top 9 Classifications: Nature, By Relation to Cost Center, By Function, By Behaviour, By Time, By Controllability, By Payment and By Normality. Cost analysis and cost classification involve grouping of costs into various logical groups on some suitable basis.
      Usually, costs are classified according to their nature, viz., material, labour, over-head, among others. An identical cost figure may be classified in various ways according to the needs of the firms. The above classification may be outlined as: The classification of cost may be depicted as given: 1. According to Elements.
      Accounting is one of main topics in economics and statistic course. This course is about cost management. Dr. Atmananda Srikrishna explained topic and then used question answer technique to clarify concept in this handout. Its main points are: Cost, Classification, Behavior, Management, Decision, Making, Purposes, Elements, Direct, Material, Labor
      5 April 2022. 27 mins read. Download Cost Accounting Notes PDF for BBA, BCOM 2023. We provide complete cost accounting notes. Cost Accounting study material includes cost accounting notes, cost accounting book, courses, case study, syllabus, question paper, MCQ, questions and answers and available in cost accounting pdf form. Cost Accounting
      By Association with the Product. There are two categories under this classification: Product cost – Product cost is identifiable in any product. It includes direct material, direct labor and direct overheads. Up to sale, these products are shown and valued as inventory and they form a part of balance sheet. Any profitability is reflected only Classification of costs implies the process of grouping costs according to their common characteristics. A proper classification of costs is absolutely necessary to mention the costs with cost centres. Usually, costs are classified according to their nature, viz., material, labour, over-head, among others.
      Classification of Cost. The idea of cost accounting is to collect, classify, record, and suitably allocate expenditures to determine the costs of products or services. After collecting costs, these are classified to ensure their identification with cost centers or cost units. Costs have different features or characteristics, and they are
      Cost Classification by Nature of Production Process. Type # 1. Cost Classification by Nature: The total cost of a product or service is basically classified into material cost, labour cost and expenses as follows: i. Material Cost: It is the cost of material of any nature used for the purpose of production of a product or a service.
      Types of Cost Classification #1 – Fixed and Variable Cost #2 – Distribution Channel Cost #3 – Customer Cost #4 – Departmental Cost Basis of Cost Classification #1 – By Nature #2 – By Functions #3 – By Behaviour #4 – By Management Decision Making #5 – By Production Process #6 – By Time Conclusion Recommended Articles Types of Cost Classification
      i) Direct Costs: Direct costs are those that can easily be traced to a specific product, costing unit, cost center, or activity, e.g. cost of wood for making furniture. Traceable costs are also known as direct costs. ii) Indirect Costs : Indirect costs cannot be traced to a single product or are uneconomical to do so.
      i) Direct Costs: Direct costs are those that can easily be traced to a specific product, costing unit, cost center, or activity, e.g. cost of wood for making furniture. Traceable costs are also known as direct costs. ii) Indirect Costs : Indirect costs cannot be traced to a single product or are uneconomical to do so.
      A well-defined classification of costs is certainly essential to mention the costs of cost centers. The different types of cost concepts are: Outlay costs and Opportunity costs Accounting costs and Economic costs Direct/Traceable costs and Indirect/Untraceable costs Incremental costs and Sunk costs Private costs and social costs

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