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What is Understanding Cost Elements and Types about?

The document defines and classifies different elements of cost - material, labour, and expenses. It distinguishes between direct and indirect costs for each element. Direct costs can be identified with cost units, while indirect costs cannot. Material costs refer to commodities used in production. Labour costs are employee remuneration. Expenses include all other costs besides material and labour. Special types of costs like sunk, differential, marginal, and opportunity costs are also defined briefly. A cos

Author

Vaidehi sonawani

Language

EN