WHAT IS COST? | Cost Definition and Classification

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In this video, we discuss the definition of cost and the cost classification. A cost is defined as the sum of money used or needed to acquire or produce goods for sale or an asset for immediate use. Costs are classified according to their elements, according to nature or traceability, according to sensitivity, according to controllability, according to function, and according to normality.

Please watch this video for more discussion and examples.

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