: the price of something : the amount of money that is needed to pay for or buy something. : an amount of money that must be spent regularly to pay for something (such as running a business or raising a family) : something that is lost, damaged, or given up in order to achieve or get something.
What does cost mean in business terms?
Cost is typically the expense incurred for creating a product or service a company sells. The cost to manufacture a product might include the cost of raw materials used. The amount of cost that goes into producing a product can directly impact its price and profit earned from each sale.
What is meant by cost in accounting?
In accounting, costs are the monetary value of expenditures for supplies, services, labor, products, equipment and other items purchased for use by a business or other accounting entity. It is the amount denoted on invoices as the price and recorded in book keeping records as an expense or asset cost basis.
What is the price paid for something?
Cost means a price that must be paid for something or a sacrifice.
What is the real cost?
: cost as measured by the physical labor and materials consumed in production.
What is the definition of cost in business?
Business portal. In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost.
Which is the best definition of standard costing?
Standard Costing. Standard costing assigns “standard” costs, rather than actual costs, to its cost of goods sold (COGS) and inventory. The standard costs are based on an efficient use of labor and materials to produce the good or service under standard operating conditions, and they are essentially the budgeted amount.
Which is the best definition of cost of sales?
Define Cost of Sales: COS consists of the expenses associated with purchasing or making a product that has been sold to a customer. 1 What Does Cost of Sales Mean?
Is the word on cost in the Cambridge Dictionary?
These examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors. What is the pronunciation of on-cost?
