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| Cost classifications in a manufacturing firm |
Historically, cost accounting system was concerned with the study of manufacturing costs. The reason for this pre-occupation of cost accounting system with manufacturing costs was the fact that the managerial techniques of planning and control were first developed in manufacturing concerns because of their complexity of operations and greater degree of uncertainty attached tot them. In modern times, equal importance is given to the measurement of both manufacturing and non manufacturing costs, since the planning and control functions are equally relevant for both manufacturing and non-manufacturing operations.
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