Page 13 - Manac Costing Test 1 class slides - 2. Variable And Absorption Costing
P. 13
COSTING
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.
13
