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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.
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importance of classifying cost accounting
Direct Material Cost Variances (DMCV) This variance is a general difference in the standard direct material cost and the actual direct material cost. This variance may be prese
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Process Losses Most manufacturing processes result in several portion of the raw materials utilized not being transformed into a reliable half losses. These losses may take t
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