BUSINESS ADMINISTRATION
ACCOUNTING FOR MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Following is (are) called the element(s) of Cost
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Material
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Labour
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Expenses
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All of the above
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Explanation:
Detailed explanation-1: -Elements of Cost Accounting – 4 Important Elements: Materials, Labour, Expenses and Overheads.
Detailed explanation-2: -The Elements of Cost are the three types of product costs (labor, materials and overhead) and period costs.
Detailed explanation-3: -Types of cost accounting include standard costing, activity-based costing, lean accounting, and marginal costing.
Detailed explanation-4: -There are two types of cost elements: primary cost elements and secondary cost elements.
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