A3 Classifying cost Flashcards

1
Q

What is Classifying Cost

A

The process of cost classification is dividing a set of costs into several groups.

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2
Q

What are the three types of Classification categories

A

Nature Element
Functions
Behavior

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3
Q

what are the 3 costs under Classification by Nature Element

A

Material
Labor
Expenses

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4
Q

what are the 2 costs under Classification by functions

A

Commercial costs
Production cost

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5
Q

What is the 1 cost Classification by Behaviour?

A

Cost behavior

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