GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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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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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: -The three types of classification are Artificial classification, Natural classification, and Phylogenetic classification.
Detailed explanation-3: -Cost classifications help to designate various ways in which a company can account for expenses. Costs can be direct, indirect, fixed, mixed, or variable as an example.
Detailed explanation-4: -#1 – Fixed and Variable Cost. These are the two primary categories to segregate the costs; fixed costs. #3 – Customer Cost. #4 – Departmental Cost. #1 – By Nature. #2 – By Functions. #3 – By Behaviour. #5 – By Production Process. #6 – By Time.
Detailed explanation-5: -Fixed Costs: Fixed costs stay the same and do not change throughout the project lifecycle. Variable Costs: Variable costs are costs that change with the amount of work involved with a project. Direct Costs: Direct costs are expenses that are billed directly to the project. Indirect Costs: Sunk Costs: 20-Feb-2023