Question

Costs that are shared by multiple cost objects in a company are known as ______ costs.

Answer 1

Costs that are shared by multiple cost objects in a company are known as common costs.

What is cost?

Cost involves expenses that are incurred either in production or purchase of goods and services. Common cost consist of all cots incurred, it is not attached to any specific cost object, such as a product or process.

When cost is attached to particular cost it can be given a name.

Example is overhead cost of production, direct cost and indirect costs.

Therefore, Costs that are shared by multiple cost objects in a company are known as common costs.

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