What are the 4 types of cost?

What are main types of cost?

• Direct Costs.
• Indirect Costs.
• Fixed Costs.
• Variable Costs.
• Operating Costs.
• Opportunity Costs.
• Sunk Costs.
• Controllable Costs.

What are the 3 types of cost?

The types are: 1. Fixed Costs 2. Variable Costs 3. Semi-Variable Costs.

What are the types of costs in business?

10 Types of Business Costs

• Direct costs.
• Indirect Costs.
• Fixed Costs.
• Variable cost.
• Operating Costs.
• Product and period costs.
• Opportunity cost.
• Out of Pocket and Sunk Costs.

What are the different types of cost behavior?

There are four basic cost behavior patterns: fixed, variable, mixed (semivariable), and step which graphically would appear as below. The relevant range is the range of production or sales volume over which the assumptions about cost behavior are valid.

What are the different elements of cost?

Elements of Cost

• Direct Material. It represents the raw material or goods necessary to produce or manufacture a product. …
• Indirect Material. …
• Direct Labour. …
• Indirect Labour. …
• Direct Expenses. …
• Indirect Expenses. …
• Overhead. …
• Factory Overhead.

What are the five cost concepts?

The concept of cost is a key concept in Economics. It refers to the amount of payment made to acquire any goods and services. … Besides the concept of opportunity cost, there are several other concepts of cost namely fixed costs, explicit costs, social costs, implicit costs, social costs, and replacement costs.

How are costs Categorised?

The two basic types of costs incurred by businesses are fixed and variable. Fixed costs do not vary with output, while variable costs do. Fixed costs are sometimes called overhead costs. … In a production facility, labor and material costs are usually variable costs that increase as the volume of production increases.

What are the 10 types of cost?

Types of Costs

• Opportunity costs.
• Explicit costs.
• Implicit costs.
• Accounting costs.
• Economic costs.
• Business costs.
• Full costs.
• Fixed costs.