BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In how many ways can cost classification be done?
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three ways
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two ways
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four ways
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many ways
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Explanation:
Detailed explanation-1: -Costs can be classified in different ways: Product costs or period costs. Direct or indirect costs. Variable or fixed costs.
Detailed explanation-2: -Classification of Cost – Classification by Nature, Functions, Variability, Controllability, Normality, Financial Accounting, Time, Planning and Managerial Decision.
Detailed explanation-3: -There are two types of methods that are used for costing: Specific Order Costing. Continuous Operation Costing.
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