Cost is a quantity that has to be remunerated or specified up in order to obtain something.In business, cost is typically a financial assessment of attempt, material, possessions, time and utilities obsessive, risks acquired, and opportunity decline in manufacture and delivery of a good or service.
Standard cost means what the cost should be. Standard cost is predetermined cost of a unit of product, or an operation or a department or a process. Standard cost is the cost target to be achieved. Such cost targets are scientifically determined after consultation with
Opportunity cost is a concept used for evaluation of alternative uses of resources. Decision makers select that alternative use of resources from which they expect the maximum net return. Opportunity cost is the net return that could be obtained from the second best alternative
Differential costs assist decision makers while making a choice between different alternatives. Differential costs are those items of total costs of two or more alternatives which have different magnitude under each alternative. Items of differential costs may be variable cost items or fixed cost
This cost concept is designed to fix responsibility of cost control for various levels of management. Therefore, it is always associated with a designated level in organizational hierarchy. Controllability of a cost means the degree of influence that a specific manager can exert over the