Explain the Different Types of Cost Concepts
DOB is the stored attribute. Even if your output changes or you dont produce anything your fixed costs stay the same. Pin On Earn Money Costs can be classified in different ways. . These are all those expense item appearing in the books of account hence based on accounting cost. Costs may also be classified according to the time element in it. The cost concepts are. There are various types of cost. A list and definition of different types of economic costs. Outlay costs include the actual expenditure of funds on factors like material rent wages etc. Variable cost varies with output and is zero at zero output level. A fixed cost such as rent does not change in lock step with the level of activity. Historical Costs are those costs which are taken into consideration after they have been incurred. Period costs - are not inventoriable and are charged against revenue immediately. Total Fixed Cos...