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Bases of Cost Classification
These various bases of cost classification are summarized in the diagram underneath as:
Here, we will usually refer to either of these terminologies every at present and then, in various cost accounting conditions. You will meet them extensively also in Management Accounting in the advanced stages of your course, whereas you will employ their distinction to create suitable profit maximizing management decisions as like budgetary control and planning.
Keep in mind, a cost is basically a measurement or quantification of the economic sacrifice made to get a given objective. Therefore it is a measurement of the amount of resources sacrificed in attaining a particular goal.
Labor Transactions (i) Wages Paid in cash (ii) Wages incurred like a) Direct labor or else b) Indirect labor In the Financial Books In
Assume that $140,000 of Denham Springs school dostrict 8% bonds are sold on the bond issue date for $128,598 interest is payable semiannually, and the bonds mature in 15 years. The
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Your company completed the site work for the South Pointe office complex. The costs are shown in Figure 11-3. The site concrete labor and landscaping were done by subcontractors. T
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COST CONCEPTS / CLASSIFICATION OF COSTS 1. According to functions Administration cost / office cost Selling cost Production cost / factory cost / manufacturing c
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WHAT IS LABOUR COST?
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