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Classification of costs on different basis

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Costs can be classified in various different ways depending on its nature and a specific purpose. There are various types of costs classified into logical groupings. These groups are such that each and every item of cost can be classified. These classifications of costs make the cost information meaningful. It is of utmost importance to the management of a manufacturing concern. It is a first step towards their decision making process relating to costs and costing. **Classification of Costs** **On the basis of Time period:** -- Historical Costs -- Current Costs -- Pre-determined Costs **On the basis of Behaviour / Nature / Variability** -- Variable Costs -- Fixed Costs -- Semi-variable Costs **On the basis of Elements** -- Materials -- Labour -- Expenses **On the basis of Relationship** -- Direct Costs -- Indirect Costs **On the basis of Controllability** -- Controllable Costs -- Uncontrollable Costs **On the basis of Functions or operations** -- Production Cost -- Administration Cost -- Selling Cost -- Distribution Cost -- Research Cost -- Development Cost -- Pre-production Cost -- Conversion Cost **On the basis of Normality** -- Normal Cost -- Abnormal Cost **On the basis of Attributability to the product** -- Period Cost -- Product Cost **On the basis of Decision Making** -- Relevant Costs -- Irrelevant Costs

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Data?1494421730 answered

Dear Friend > Classification of Costs 1. On the basis of Time period: -- Historical Costs -- Current Costs -- Pre-determined Costs 2. On the basis of Behaviour / Nature / Variability -- Variable Costs -- Fixed Costs -- Semi-variable Costs 3. On the basis of Elements -- Materials -- Labour -- Expenses 4. On the basis of Relationship -- Direct Costs -- Indirect Costs 5. On the basis of Controllability -- Controllable Costs -- Uncontrollable Costs 6. On the basis of Functions or operations -- Production Cost -- Administration Cost -- Selling Cost -- Distribution Cost -- Research Cost -- Development Cost -- Pre-production Cost -- Conversion Cost 7. On the basis of Normality -- Normal Cost -- Abnormal Cost 8. On the basis of Attributability to the product -- Period Cost -- Product Cost 9. On the basis of Decision Making -- Relevant Costs -- Irrelevant Costs Thanks

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