Page 7 - 5.2 i. Manac Costing ITC Summarised Notes
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ITC EXAM PREP
Cost terms and concepts
Cost
• The cost of any item, whether production or
service driven, is determined by a quantifiable
measurement and a value measurement.
Cost classification
• Classification is linked to the intended use of the
cost information: i.e. for inventory valuation,
planning, decision-making or control purposes.
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