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 ?
Two tries in four second half minutes reflected the pressure inflicted by Jannick Jauzion and co - in the end Leinster's lack of discipline and scrum inferiority cost dearly.
Three successive victories on our travels would suggest that if we can only stop shooting ourselves in the foot at Prenton Park and stamp outthe belligerent streak which will undoubtedly cost dearly in suspensions - we might just put together a run to challenge for a play off place.
Despite enjoying copious amounts of possession, the inability of Roy Hodgson's side to convert that into goals cost dearly as Lyon defender Jaceb Bak stole victory for the visitors with a fine 25-yard strike five minutes from time after Jason Wilcox clea red.
Going into the red without permission, even by a small amount for a day, can cost dearly.
He said any hasty decisions and actions, based on miscalculation could cost dearly to the democratic endeavours of all political parties.
The teenager was left disappointed at losing points at Dundee United at the weekend where two late goals cost dearly.
Bohs were struggling and almost fell two behind after 33 minutes when another defensive error cost dearly.
That sort of inconsistency is something that has plagued Wales over the years and while nobody is expecting a repeat of the 96-13 drubbing of 1998 - a dayy that still haunts Welsh rugby - it is obvious that the same sort of concentration lapses could cost dearly.