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LeoGlossary: Cost
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An expenditure required to produce or sell a product or get an asset ready for normal use. It is the amount paid to manufacture a product, purchase inventory, sell merchandise, and get equipment ready to use in a business process.
This also can be the price paid for a product, security, commodity or other assets like cryptocurrency.
There are two types for accounting purposes:
- fixed
- variable
Costs are recorded as expenses on the income statement.
Posted Using LeoFinance Beta
