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 ?
Because of the difficulty and costliness of doing this, they tend to imitate those around them more.
With the costliness of producing spatial data, there are benefits in facilitating access to existing data and encouraging reuse.
Of course, there is the logical possibility of what Friedman called a "real" gold standard, under which actual physical coins or bars of gold would serve as the primary MOE despite the costliness of maintaining such a stock.
Something of the costliness of living by God's truth is attested in today's second reading.
But he has little time to grieve over her fragile condition as he has been called in to assist in the investigation of the murder of a young woman, whose appearance is most notable for her beauty and the obvious costliness of her attire: Yves St.
For one, many Americans tend to see our society as having a very open class system, which can lead them to overlook the costliness of the inequality that does exist (Breen & Jonsson, 2005).
they might not have sufficient incentive to engage in moral action because of the costliness of being good," said a co-author of the study.
This average, referred to as the "PPR relative weight" is not a measure of the relative costliness of the initial admission but is a measure of the relative costliness of the PPRs that follow an initial admission.
Under the RBRVS system, payment rates are based on relative weights, called RVUs, which account for the relative costliness of the inputs used to provide physician services.
Come on, we should all know by now other correspondents are only going to compare those remarks with the costliness it takes to fund all those benefit claimants and single parents propped up by the taxpayer, reeling off all those free rent and council tax rebates, free dental and eye care, free prescriptions and dentures, free cookers and furniture, lone parent extras and income support, free shoes and school uniforms, not forgetting free milk, free school meals and certain groceries.