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Explain the following types of costs.
a. Fixed and variable costsb. Explicit and implicit costsc. Direct and indirect costsd. Past and future costse. Out of pocket and book costs. a. Fixed cost: the cost which remain fixed for a certain period of time irrespective of the amount of production. Variable costs: the cost varies with the output.
b. Explicit costs: the cost which the firm has already spent or going to spend. Implicit cost: the cost of the opportunity foregone.
c. Direct costs: the costs which can be directly attributed to the cost of the unit. Indirect costs: the cost cannot be directly attributed to the product.
d. Past cost: it is also called historical cost which is already incurred. Future costs: the cost which the firm is going to incur in the future.
e. Out of pocket costs: involves current payment to outsiders .eg. payment for raw materials. Book costs: book costs do not require current payments. Eg. Depreciation.
Day Corporation purchased a patent on January 1, 2012 for $360,000. The patent had a useful life of 10 years at that date. In January of 2013, Day successfully defends the patent
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Cost accounting as a descriptive or analytical discipline
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conard transfered 10000 from her account to the business
Allocation of Overhead Costs Allocation of overheads is the term utilized where the overhead cost item can be charged to a exact cost center without the requirement for any es
cost with respect to accounting period
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