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General Accounting Discussions: COST CLASSIFICATION

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    • CommentAuthorpunisher20
    • CommentTimeJul 11th 2008
     
    Someone please please please please explain in detail about classification of cost. and if some one can give me a link about a flow chart of cost classification.PLZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
    • CommentAuthorshamili
    • CommentTimeJul 25th 2008
     
    Costs are classified into Fixed costs,Variable Costs & Semi fixed or semi - variable costs.

    Fixed costs are also known as period costs.They remain constant for a particular period of time.

    EX: Rent.

    Variable costs tend to change when there is a even a small variation in the manufacturin process.

    Ex: Raw material consumption depends upon no of products to be produced or electricity cost depends upon no of units consumed.

    Semi-Variable/semi fixed costs tend to be constant till certain extent and then they tend to change.

    Ex: Telephone exp.

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