what is cost
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- The Council On State Taxation (COST) is the premier state tax organization representing taxpayers. COST is a nonprofit trade association consisting of more than 600 multistate corporations engaged in interstate and international business. COST's objective is to preserve and promote equitable and nondiscriminatory state and local taxation of multijurisdictional business entities.
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Costs Costs are the necessary expenditures that must be made in order to run a business. Every factor of production has an associated cost. The cost of labor, for example, used in the production of goods and services is measured in terms of wages and benefits.The cost of a fixed asset used in production is measured in terms of depreciation.The cost of capital used to purchase fixed assets is measured in terms of the interest expense associated with raising the capital. Businesses are vitally interested in measuring their costs.he cost of a fixed asset used in production is measured in terms of depreciation. The cost of capital used to purchase fixed assets is measured in terms of the interest expense associated with raising the capital. Businesses are vitally interested in measuring their costs.
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A r c h i v e d I n f o r m a t i o n The basic costs of college are tuition, fees, and other expenses: Tuition. Tuition is the amount of money that colleges charge for instruction and for the use of some facilities, such as libraries. Tuition can range from a few hundred dollars per year to more than $30,000.
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- View More by This Developer. Open iTunes to buy and download apps. Cost is the most simple, elegant, fast money tracking app for managing your personal finances on the go. Cost gives you the power to manage multiple accounts, categories, tags, displaying your available balance on the main screen, unique data reports, export as PDF or CSV.
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- Definition: Price is the value that is put to a product or service and is the result of a complex set of calculations, research and understanding and risk taking ability. A pricing strategy takes into account segments, ability to pay, market conditions, competitor actions, trade margins and input costs, amongst others.
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Basis Basis is the total cost of buying an investment or other asset, including the price, commissions, and other charges. If you sell the asset, you subtract your basis, also known as your cost basis, from the selling price to determine your capital gain or capital loss. If you give the asset away, the recipient's basis is the same amount as yours.
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expense Money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business. Expenses may be in the form of actual cash payments (such as wages and salaries), a computed expired portion (depreciation) of an asset, or an amount taken out of earnings (such as bad debts). Expenses are summarized and charged in the income statement as deductions from the income before assessing income tax. Whereas all expenses are costs, not all costs (such as those incurred in acquisition of income generating assets) are expenses.
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What Is the Difference Between List Price & Net Price? Price is a tool traders use to reach the ultimate goal of their business plan — to sell. While it may seem that the owner of the product or service controls the price, in fact the consumer also plays a role in determining the fee. Thus, price is a compromise of sorts, a sum that the buyer is willing to pay and the seller is willing to charge. List price and net price lie within this definition.
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Chapter 1: Theory of Markets and Privacy DEFINITION of 'Expense'. 1. The economic costs that a business incurs through its operations to earn revenue. In order to maximize profits, businesses must attempt to reduce expenses without also cutting into revenues.EFINITION of 'Expense'. 1. The economic costs that a business incurs through its operations to earn revenue. In order to maximize profits, businesses must attempt to reduce expenses without also cutting into revenues.
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What is the cost principle? The cost principle is one of the basic underlying guidelines in accounting. It is also known as the historical cost principle. The cost principle requires that assets be recorded at the cash amount (or its equivalent) at the time that an asset is acquired. For example, if equipment is acquired fo...
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cost An amount paid or required in payment for a purchase; a price. 2. The expenditure of something, such as time or labor, necessary for the attainment of a goal: Freedom to advocate unpopular causes does not require that such advocacy be without cost (Milton Friedman).
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What is a 'Unit Cost' Unit Cost. What is a 'Unit Cost'. A unit cost is the total expenditure incurred by a company to produce, store and sell one unit of a particular product or service. Unit costs include all fixed costs, or overhead costs, and all variable costs, or direct material costs and direct labor costs, involved in production.
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Defining Cost Types A cost type is a set of costs uniquely identified by name. Two cost types are predefined for you, Frozen (for standard costs) and Average.. You can define and update an unlimited number of additional simulation or unimplemented cost types. Each cost type has its own set of cost controls.
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- Save. Economics is the study of transactions between producers and consumers with limited resources. Because the money used to produce one product could have been used to produce something else, each transaction involves an economic cost of implicit and explicit value to both buyer and seller.xplicit costs include the exchange of money for a good or service. The implicit cost refers to the tangible costs for which no money is exchanged. Economists count the implicit and explicit costs together when determining the value of a thing.
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What is a 'Capitalized Cost' Cost vs. Expense. When trying to discern what is a capitalized cost, it’s first important to make the distinction between what is defined as a cost and expense in the world of accounting. A cost on any transaction is the amount of money used in exchange for an asset.unches would be included as a capitalized cost because they were a part of the project cost. The same logic is applied to the inclusion of the price of shipping and installation of equipment as costs on the company’s books.
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MBA âH4020 cost pressure definition, cost pressure meaning | English dictionary. cost. 9 to estimate the cost of (a product, process, etc.) for the purposes of pricing, budgeting, control, etc. n a method of accounting that values assets at their current replacement cost rather than their original cost.
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What is a 'Capitalized Cost' When trying to discern what is a capitalized cost, it’s first important to make the distinction between what is defined as a cost and expense in the world of accounting. A cost on any transaction is the amount of money used in exchange for an asset. A company buying a forklift would mark such a purchase down as a cost.unches would be included as a capitalized cost because they were a part of the project cost. The same logic is applied to the inclusion of the price of shipping and installation of equipment as costs on the company’s books.
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Cost Basis Cost basis is the original monetary amount paid for shares of a security. When you sell or exchange shares of mutual funds or other securities, you may have a capital gain or loss that must be reported to the IRS.
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cost Definition of cost. 1  1a : the amount or equivalent paid or charged for something : price The average cost of a college education has gone up dramatically.b : the outlay or expenditure (as of effort or sacrifice) made to achieve an object He achieved fame, but at the cost of losing several friends.
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cost 1. 'price' and 'cost'. The price or cost of something is the amount of money you must pay to buy it. The price of oil doubled in a few months. They are worried about the rising cost of food. You can also use cost to refer to the amount of money needed to do or make something.
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cost of goods purchased cost of goods purchased. The price of products or services that are available for purchase by suppliers or consumers.
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What Is a Cost Budget? Purpose. Costs or expenses are elements of your business that cut your profits, but these costs enable you to provide services or manufacture items. The crucial thing to consider is the kind and level of costs you should incur. The budgeting process enables you to identify and clarify your expenses.
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Difference Between Price and Cost Both “price” and “cost” refer to the element of money. In “price,” money is used to gain something. Meanwhile, “cost” refers to the money in the production process like labor, capital, materials, wages, bills, and other transaction costs. “Price” can be determined by adding production costs and seller’s profits. In this context, “cost” is a component of the price.
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cost : 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).xamples of COST. 1  The trip will cost you about $100 each way. 2  The project will end up costing the government an estimated 3.5 billion dollars. 3  It will cost you a lot of money, but it'll be worth it.
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cost 9. to estimate or determine the cost of (manufactured articles, new processes, etc.). 10. to estimate or determine costs, as of manufacturing something. at all costs, regardless of the effort involved; by any means necessary.
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Cost Cost, in common usage, the monetary value of goods and services that producers and consumers purchase. In a basic economic sense, cost is the measure of the alternative opportunities foregone in the choice of one good or activity over others.