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6. Cost Classification

6. Cost Classification

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Published by Sarthak Gupta

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Published by: Sarthak Gupta on Aug 18, 2012
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11/30/2013

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Basic cost concepts and classification
 
A cost may be defined as a sacrifice or giving upof resources for a particular purpose.
Costs are frequently measured by the monetaryunits that must be paid for goods and services.
An
actual cost
is the cost incurred (a historicalcost) as distinguished from budgeted costs.
A
cost object
is anything for which a separatemeasurement of costs is desired.
 
Cost unit and Cost centre
Cost estimation and cost ascertainment
Cost objective and cost accumulation
Cost allocation and cost apportionment
Cost reduction and cost control

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