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- Classification of cost refers to the grouping of costs according to their common characteristics12.Some common types of cost classification are12:
- Fixed and variable cost: Fixed costs are those that do not change with the volume of production, while variable costs are those that change proportionally with the volume of production.
- Distribution channel cost: These costs are related to the different modes of delivering the products or services to the customers, such as retail, wholesale, and the internet.
- Customer cost: These costs are associated with the different segments or types of customers, such as individual, corporate, or institutional.
- Departmental cost: These costs are allocated to the different functional units or departments within an organization, such as production, marketing, or finance.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Types of Cost Classification
- #1 – Fixed and Variable Cost These are the two primary categories to segregate the costs; fixed costs can be accounted for during the start of any project, and a part of variable expenses can be anticipated too. ...
www.wallstreetmojo.com/cost-classification/Under this category, the cost is divided as fixed, variable, and semi-variable costs:
- Fixed cost - It mainly relates to time or period. It remains unchanged irrespective of volume of production like factory rent, insurance, etc. ...
www.tutorialspoint.com/accounting_basics/cost_ac… What Is Classification of Cost? - Finance Strategists
Mar 7, 2023 · The different categories of cost classification include fixed costs, variable costs, direct costs, indirect costs, and semi-variable costs. Each category has its characteristics that help in understanding the cost structure and making more informed decisions.
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