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Costs can be categorized in various ways, including the following: Fixed versus variable costs Relevant versus irrelevant costs Direct...

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Finance

Costs can be categorized in various ways, including thefollowing:

  • Fixed versus variable costs
  • Relevant versus irrelevant costs
  • Direct versus indirect

Discuss the following in your main Discussion Board post:

  • Why is it important for a company to know the categorization ofeach cost?  
  • Provide an example of each of the cost categorizationsabove.
  • Why is it important to compare actual cost and budgetedcost?

Answer & Explanation Solved by verified expert
4.0 Ratings (441 Votes)
Fixed cost Variable cost Direct Cost and Indirect cost Relevant and Irrelevant cost with example 1 Variability Fixed Cost Cost which remains constant in total Variable Cost Cost which changes with production Fixed cost Factory Rent Variable cost Cost of Raw material 2 Traceability to object Direct Cost    See Answer
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Transcribed Image Text

Costs can be categorized in various ways, including thefollowing:Fixed versus variable costsRelevant versus irrelevant costsDirect versus indirectDiscuss the following in your main Discussion Board post:Why is it important for a company to know the categorization ofeach cost?  Provide an example of each of the cost categorizationsabove.Why is it important to compare actual cost and budgetedcost?

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