Understanding Relationships of Types of Costs with Myhomeworkhelp.com Manuals!
There are various different types of costs a student has to learn while studying Cost accounting. Before going on to the different types of costs, one needs to know about cost accounting. Cost accounting is a process which helps in measuring and analyzing all the costs which are related to the products, production process and projects. This is done in order to report right amount on financial statements.
This helps a company to identify the costs and helps in making important decision. Types of costs in it are direct, indirect, variable, fixed and operating cost. With relationships of types of costs homework help, it will be easy to understand.
Types of Costs
There are 5 types of costs in Cost Accounting which are already mentioned above. Relationships of Types of Costs homework help will simplify the topic for better understanding. These types are discussed in detail below for one to understand the concept properly. Our manuals from myhomeworkhelp.com are just perfect to answer all your queries.
What is Direct Cost?
A direct cost is an amount which is totally applied when producing goods or services. It refers to the amount which is spent on labor, materials, distribution cost or any other expense which is directly related to the production of goods. For example, a laborer or worker spends nine hours in a factory manufacturing a product. So the direct cost related to the product are wages which are paid to that laborer and also materials used in building that product.
What is Indirect Cost?
An indirect cost is an amount which is not associated with the production of goods or services. It is difficult to trace. It can occur in a product or project or any department. For example, in a cement plant, one electricity bill appears. So it is not easy to know which department used more electricity than the other. With relationships of types of costs homework help, you will be able to understand it more and get a clearer picture.
Fixed and Variable Cost
Fixed cost is an amount which doesn’t change with the total number of services or goods produced by a company while variable cost changes when production of output changes. Its increase or decrease depends upon production volume of goods. Relationships of types of costs assignment help from myhomeworkhelp.com will help you in understanding this topic better.
What is Operating Cost?
This is expenditure which is related to day-to-day or everyday activities in a business organization. This can be fixed or variable in nature. Any company’s inventory can be used as an example of operating cost.
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