Abstract:
Is it the price you pay for something of value? A cash outflow?
Something that affects profitability? There are many different types
of costs, and at different times organizations put more or less
emphasis on them. When times are good companies often focus on
selling as much as they can, with costs taking a backseat. But when
times get tough
Description:
Accountants define cost as a resource sacrificed or forgone to achieve a specific objective.
A cost (such as direct materials or advertising) is usually measured as the monetary
amount that must be paid to acquire goods or services. An actual cost is the cost incurred
(a historical or past cost), as distinguished from a budgeted cost,
