Classification of Cost is the process of organizing costs into categories for better understanding and analysis. It involves dividing costs into fi...

Examples of costs that can be classified include raw materials, labor costs, administrative expenses, marketing expenses, overhead costs, etc.

The advantages of classifying costs include obtaining an accurate assessment of cost performance; increased efficiency in managing costs; improved...

Costs can be classified based on several criteria such as nature of cost, elements of cost, controllability of cost, function or department from wh...