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What is the primary purpose of cost classification?
What is the primary purpose of cost classification?
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Practice Questions
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Q1
What is the primary purpose of cost classification?
To increase sales
To determine pricing
To facilitate cost control and decision making
To reduce production time
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Cost classification helps in understanding costs for better control and decision-making.
Questions & Step-by-step Solutions
1 item
Q
Q: What is the primary purpose of cost classification?
Solution:
Cost classification helps in understanding costs for better control and decision-making.
Steps: 5
Show Steps
Step 1: Understand that costs are expenses a business incurs.
Step 2: Learn that cost classification means organizing these costs into different categories.
Step 3: Recognize that by classifying costs, businesses can see where they spend money.
Step 4: Realize that this helps in controlling costs by identifying areas to reduce spending.
Step 5: Understand that it also aids in making better decisions about pricing, budgeting, and investments.
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