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gs where a cost has been expensed or as an asset where cost has been capitalized. 
 Period costs 
• Costs that are expensed as they are incurred. Period costs are associated with a certain accounting period 
 Product costs 
• The cost of work in process and finished goods inventories that are capitalized. The product costs are expensed when the product is sold. 

2. Traceability to a Cost Object 
 Direct costs 
• items of costs that are specifically traced to, or caused by, a single cost object 
 Indirect costs 
• element of costs that are associated with, or caused by, two or more cost objects jointly but that are not directly traced to each of them individually 
 Full costs 
• the sum of the direct costs and indirect costs of a cost object. It means all the resources used for a cost object 
3. Cost element 
 materials cost 
• quantities of materials that can be specifically identified with a cost object priced at the unit price of direct materials. Materials-related costs are inward freight, inspection costs, moving costs, purchasing department costs, interest, space charges for holding materials in inventory 
 labor cost 
• labor quantities that can be specifically identified with a cost object priced at a unit price of direct labor. Other labor-related cost are paid holiday and vacation time, pension contributions and other fringe benefits, employee welfare programs 
 overhead cost 
• all production costs other than direct costs. One element of overhead is indirect labor: the earnings of employees who do not work directly on a single product but whose efforts are related to the overall process of production. Examples include supervisors, janitors, materials handlers, stockroom personnel, inspectors 

4. Behavior with Respect to Volume 
 variable cost 
• an item of cost whose total amount varies proportionately with volume. If volume increases, the total amount of variable cost increases 
 non-variable or fixed cost 
• a cost item whose total does not vary at all with volume. Because the amount of a fixed cost is constant in total, the amount of fixed cost per unit of activity decreases as volume increases (and conversely, fixed cost per unit increases as volume decreases) 
 semi-variable cost 
• costs that include a combination of variable cost and fixed cost items. The total amount of semi-variable costs vary in the same direction as, but less than proportionately with, changes in volume 

 step-up function costs 
• incurred when resources are used in discrete chunks such as when one supervisor is added for every additional 10 non-supervisory employees. Increase in cost as capacity is added to an activity 

5. Time Perspective 
 Historical or actual costs 
• cost data for economic events that have already transpired. All assets are initially recorded at their cost. Costs incurred at the time a transaction took place 
 Standard costs or budgets 
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