What is Cost?

Cost : The Terminology of Management Accounting (CIMA) has defined cost as the
amount of expenditure (actual or notional) incurred on, or attributable to, a specified thing
or activity.
Cost is the amount of expenditure incurred on a specified thing or activity.
Costing means classifying, recording and appropriate allocation of expenditure for the
determination of the costs of goods or services and presentation of suitably arranged data
for the purposes of control and guidance of the management. Costing is tracing the cost to
the user point.