Cost may be classified in a variety of ways: by nature of cost item, cost behaviour,...

 

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Cost may be classified in a variety of ways: by nature of cost item, cost behaviour, relevance of cost for decision making or cost controllability. Explain with clear examples, the classification of cost by nature of cost item, cost behaviour, relevance of cost for decision making, allocated fixed cost and controllability and indicate the circumstances under which each of the above classification is useful or not useful. Cost may be classified in a variety of ways: by nature of cost item, cost behaviour, relevance of cost for decision making or cost controllability. Explain with clear examples, the classification of cost by nature of cost item, cost behaviour, relevance of cost for decision making, allocated fixed cost and controllability and indicate the circumstances under which each of the above classification is useful or not useful.

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Answer Cost classification can be done in various ways depending on its nature and specific purpose There are various types of costs classified into logical groupings These groups are such that each a... View the full answer