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320d3e7e-a8b4-4757-8ac3-30fe5f30228a
9. Opportunity Cost / Im- Costs that are not recognized in the financial ac-
puted Costs counting records and reports.
17. Budgeted Costs Costs that are projected and are used in planning a
specific level of activity.
21. Standard Costs These are established based on scientific and em-
pirical processes and are accepted for planning and
control purposes
27. Inventoriable Costs It relates with the product and follows the unit being
Product Costs produced
29. Period Costs It does not relate with the production activities and
are expensed in the time they are incurred.
30. Inventoriable Costs Direct materials, direct labor and production over-
Product Costs head
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Strat Cost-Cost Concepts and Classifications
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31. Capital Assets Costs incurred to generate measurable and prob-
able future benefit to business operations in more
than a year.
35. Variable Production Direct materials, direct labor, and variable over-
Costs head.
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