cost

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Cost

The opposite of revenue. An expense that reflects the price of purchasing goods, services and financial instruments. A cash cost means that cash is given up today to the purchase. Also, the purchase price of an investment, which is compared to the sale proceeds to determine capital gain or loss.

Cost

The amount of money or property paid for a good or service. Cost is an expense for both personal and business assets. If a cost is for a business expense, it may be tax deductible. A cost may be paid immediately in the form of cash or over time in a credit sale or similar transaction. Cost is the opposite of revenue: It may be thought of as money spent instead of made.

cost

The expenditure of funds or use of property to acquire or produce a product or service. See also average cost, fixed cost, historical cost, marginal cost, replacement cost, variable cost.

cost

the expenditure upon resources incurred by a firm in producing and selling its output. Each cost is a charge against revenues and profits for the use or consumption of resources during a trading period. (see PROFIT AND LOSS ACCOUNT). Costs can be classified along functional lines, distinguishing between production, selling, distribution, administration and financing costs. Alternatively costs can be classified as either direct costs (usually raw materials and direct labour) or indirect costs (overheads) (see PROFIT AND LOSS ACCOUNT). Costs may also be classified as variable costs and fixed costs, depending on whether they vary with the level of output or activity. In addition, costs may be analysed by product. Finally costs may be classified by location (division, subsidiary, company, department, etc.).

Classification and analysis of costs is necessary for three main business purposes:

  1. for product costing;
  2. for management control;
  3. for decision-making.

Identification and classification of these costs is the core of MANAGEMENT ACCOUNTING. Fig. 28 shows the build up of major cost elements. See PRODUCTION COST, SELLING COST.

cost

the payments (both EXPLICIT COSTS and IMPLICIT COSTS) incurred by a firm in producing its output. See TOTAL COST, AVERAGE COST, MARGINAL COST, PRODUCTION COST, SELLING COST.

Cost

Cash and/or the value of property given to acquire the property received.
References in periodicals archive ?
Taking part in Saks' reinvention was something we found both compelling and inspiring," said Founder and Hotelier Jean-Louis Costes.
Los datos obtenidos de los registros correspondientes (Tablas 1 y 2) fueron explotados y complementados en un ultimo registro (Tabla 3), con la estimacion realizada, sobre el coste derivado del transporte en ambulancia de los pacientes, que ascendia a 18 [euro] de media por cada desplazamiento de ida y vuelta realizado al centro hospitalario.
While it is flattering when folks refer to us as the 'Greatest Generation,' the reality is that all of our friends from this time think of ourselves as the 'Fortunate Generation,''' Costes begins.
JUDE; He pleaded with Sienna not to cry=; SIENNA; She had lunch date with ex; SALMA; Gorgeous actress went out clubbing with Jude; HOTEL; The luxury Hotel Costes
Robbie, 27, jetted into the French capital on Thursday and was whisked off to the exclusive Costes Hotel.
This restaurant, run by the Costes brothers, should add to enjoyment of the Pompidou and, for that matter, of Paris.
In opposition is the experienced Boutron, trained by former French champion jump jockey Pierre Costes at Maisons-Laffitte.
He has also called up the inexperienced utility backs Gerald Merceron and Cedric Desbrosse, along with Arnaud Costes and scrum-half Aubin Hueber, who has not played an international for five years.
The Irishmen were back on level terms in the 11th minute when Castres flanker Arnaud Costes came in from the side at a ruck in front of the post and conceded the simplest of penalties for O'Gara, earning himself a yellow card in the process.