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List the types of cost centers?
Answer:
Types of cost centers:
★ Impersonal cost center - consists of location or item of equipment. Example-department, branch etc.
★ Personal cost center - consists of a person or a group of persons. Example - finance manager, sales manager etc.
★ Production cost center - is the one where the production activity is carried on. For example, paint shop, a machine shop, etc.
★ Service cost centers - is the one which assists the production activity. For example, store department, internal transport department, labour office, accounts department, etc.
★ Impersonal cost center - consists of location or item of equipment. Example-department, branch etc.
★ Personal cost center - consists of a person or a group of persons. Example - finance manager, sales manager etc.
★ Production cost center - is the one where the production activity is carried on. For example, paint shop, a machine shop, etc.
★ Service cost centers - is the one which assists the production activity. For example, store department, internal transport department, labour office, accounts department, etc.
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