We have studied and examined cost concepts and the different ways of classifying costs We looked at how cost classifications are related to how they will be used The classifications may be used for preparing external reports predicting cost behavior assigning costs to cost objects or for internal management decision-making, In other words, these will to a large extent dictate how costs will be classified.Discuss briefly how cost classifications fulfill these functions?

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Concept of Cost The concept of cost is a key concept in Economics It refers to the amount of payment ... View the full answer