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There are many classifications of costs :
1- Manufacturing versus Nonmanufacturing .
2- Product versus Period cost .
3- Direct vs indirect .
Explicit cost -4 .
Implicit costs -5 .
Opportunity costs -6 .
Carrying costs -7 .
Sunk costs -8 .
Discretionary costs -9 .
Engineered costs -10 .
Marginal costs -11 .
Committed costs -12 .
These are not all the costs classifications .
you can classify costs by
- fixed or variable
- behavior and purpose
- function
- variable and semi variable
- nature
fixed variable and semi variable
and this will take long time to explain
thanx miss farah
By their Behavior
By their location.
By their function.
By the person responsible for their control.
By their type.
By their traceability.
There are various classification or types of costing , but the basic principles underlying all these class or types are the same. The basic principles are to collect and analyse the expenditure according to the elements of costs and to determine the cost for each cost centre or cost unit.
Any way costs may be classified
A) Fixed Cost
B) Variable Cost
C) Semi-Variable or Semi Fixed cost
Make a spreadsheet and get the Estimate cost, Actual Cost, Budget Cost you will the variance and you will see the forecast monthly or quarterly.
