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Cost Classifications Unit Ii

Cost is the monetary measurement of resources used for production of goods or services. It has three main elements - material cost, labor cost, and overhead cost. Material cost refers to the cost of direct materials, labor cost is the wages paid to workers involved in production, and overhead cost includes both variable and fixed costs of using a business's resources.

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44 views21 pages

Cost Classifications Unit Ii

Cost is the monetary measurement of resources used for production of goods or services. It has three main elements - material cost, labor cost, and overhead cost. Material cost refers to the cost of direct materials, labor cost is the wages paid to workers involved in production, and overhead cost includes both variable and fixed costs of using a business's resources.

Uploaded by

Rk Bains
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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COST CLASSIFICATIONS

UNIT II
COST : MEANING AND ITS ELEMENTS

As per The Institute of Cost & Works Accountants of India (ICWAI), Cost is
‘measurement in monetary terms of the amount of resources used for the purpose of
production of goods or rendering services.
Cost

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