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COST CONCEPT AND COST CLASSIFICATION COST-COST IS THE AMOUNT OF EXPENDITURE ACTUAL OR NOTIONAL INCURRED ON ANY PRODUCT, PROCESS, OPERATION. COSTING- THE.

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Presentation on theme: "COST CONCEPT AND COST CLASSIFICATION COST-COST IS THE AMOUNT OF EXPENDITURE ACTUAL OR NOTIONAL INCURRED ON ANY PRODUCT, PROCESS, OPERATION. COSTING- THE."— Presentation transcript:

1 COST CONCEPT AND COST CLASSIFICATION COST-COST IS THE AMOUNT OF EXPENDITURE ACTUAL OR NOTIONAL INCURRED ON ANY PRODUCT, PROCESS, OPERATION. COSTING- THE. TECHNIQUE OF ACSERTAINMENT OF COST. COSTING ACCOUNTING- INTERNAL REPORTING SYSTEM. OBJECTIVES OF COSTING- BASIC OBJECTIVE OF COSTING : i.COST ASCERTAINMENT ii.COST CONTROL

2 TERMINOLOGY COST UNIT- IT IS THE UNIT OF COST THROUGH WHICH COST IS ASCERTAINED AND EXPRESSED FOR THE PURPOSE OF COST CONTROL COST CENTRE- IT IS THE PERSON, LOCATION, MACHINE OR THE GROUP OF SAME FOR WHICH COST IS ASCERTAINED.

3 COST CLASSIFICATION COST CAN BE CLASSIFIED ON VARIOUS BASES o ON THE BASIS OF ELEMENTS OF COST  MATERIAL COST  LABOUR COST  OVERHEAD COST o ON THE BASIS OF BEHAVIOUR  FIXED COST  VARIABLE COST  SEMI-VARIABLE COST o ON THE BASIS OF FUNCTION  FACTORY COST  OFFICE AND ADMINISTRATIVE COST  SELLING AND DISTRIBUTION COST

4 o ON THE BASIS OF CONTROLABILITY  CONTROLLABLE COST  UNCONTROLLABLE COST o ON THE BASIS OF RELATION TO PRODUCTION  DIRECT COST  INDIRECT COST

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