Question

Explain in detail the different type of cost classification

Answer 1

cost classification. The separation of expenses into different categories. For example, cost classification in economics might involve categoriesof fixed, variable, opportunity, production and sunk costs. On the other hand, accounting costs can be classified as either direct or indirect for a business.

Answer 2

1.management function
2.ease of traceability
3.timing of charge against revenue
4.behavior in accordance with activity 5.andrelevance to decision making.