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Cost concepts and classification (20 Slides)

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  1. Discusion topics
  2. Why cost concept?
  3. The meaning of cost
  4. Analysis and classification of costs
    1. Indirect cost
    2. Functional classification
    3. Classification on the basis of behavior
    4. Classification of costs for managerial decision and control
    5. Normal and abnormal costs
    6. Avoidable and unavoidable costs
    7. Shut down and sunk costs
    8. Differential, incremental and decremental costs
    9. Out of pocket cost
    10. Marginal cost
    11. Opportunity cost
    12. Budget cost and standard costs
    13. Imput or hypothetical costs
  5. Elements of costs

The costing terminology of the Institute of cost and works accounts,London defines cost as?The amount of expenditure (actual or notional) incurred on or attributable to a given thing.? In the words of Harold J.Wheldon,?costing is the classifying and appropriate allocation of expenditure for the determination of the coast of products or services,and for the presentation of suitably arranged data for purposes of control and guidance of the management.? Direct costs are the costs which can be conveniently identified with and allocated to a particular unit of final product. such costs are treated as the cost of the unit produced. Indirect costs are those costs which cannot be assigned to any particular cost unit, i.e. ,job, product or process. Indirect costs are usually incurred for the business as a whole and are, therefore ,apportioned among the various cost units on some reasonable bases.

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