Classification of costs with examples and
describe how costs can be classified giving examples in each classification. explain how the different cost classifications can assist management in decision making
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Common Cost: It is the cost of resources used jointly in the production of two or more outputs and the cost can’t be directly traced to any one of those outcomes.
Cost Driver: Any factor which causes a modification in the cost of an action or output. For illustration, the quality of portions received by an activity, or the degree of complexity of tax returns to be evaluated by the IRS.
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