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One can understand the cost accounting properly only after knowing various types of cost.
Hence, the understanding of types of cost enables proper application of cost accounting
principles. Therefore, certain types of cost are briefly explained below.
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Types of Costs
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1. Historical Cost
It is the post mortem of cost, which is already incurred. This type of cost reports the past
events. If the time lag between the cost incurred time and reporting time is very short, READ THIS IN MOBILE
quality decision may be taken. If not so, these costs are irrelevant for decision-making.
2. Future Cost
These types of costs are expected and incurred in the days to come.
3. Replacement Cost
Replacement cost is the cost required to replaced any existing asset at present. RECENT POSTS
Various stages involved i
4. Standard Cost in Stock Exchange
5. Estimated Cost
Estimated cost is an assessment of what will be the cost approximately. It is based on the Personality factors that i
Behaviour of an Employe
past experience and adjusted according to the expected future changes.
Direct cost is a cost, which can be easily identified with a specific saleable cost unit.
Methods of Overhead Ab
9. Prime Cost Advantages & Disadvanta
Prime cost is the aggregation of direct material cost and direct labor cost. The term direct
refers to elements of costs, which are easily traceable to a particular unit of output.
tangible and intangible costs and losses sustained by third parties or the general public as a
result of economic activity.
a product cost estimate derived from a competitive market price. Used to reduce costs
through continuous improvement and replacement of technologies and processor
40. Expense
It is an expired cost and the company has received its economic benefit. Moreover, the
economic benefit is more than the expired cost. For example: Rent paid for the accounting
period.
41. Loss
It is also an expired cost and the company has received its economic benefit. But, the
received economic benefit is less than the expired cost.
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Summary
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