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Categories >> Accounting >> Accounting General


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what is the meaning of Cost center?
 Question Submitted By :: Accounting-General
I also faced this Question!!     Answer Posted By  
# 1
A cost center is part of an organization that does not
produce direct profit and adds to the cost of running a
company. Examples of cost centers include research and
development departments, marketing departments, help desks
and customer service/contact centers.
Is This Answer Correct ?    26 Yes 3 No
Swetha Naidu
# 2
Cost Centre is a code created by a Company for its internal
Departments (ex: Sales Dept, Pur Dept, Marketing Dept,
Finance Dept) to debit expenses according to the User Dept.

Costcentre shows the expenses incurred by user dept for the
Financial period and helps in Checking of Costs.
Is This Answer Correct ?    23 Yes 3 No
# 3
cost centre mainly used by the company,firm and all
oraganisation for various site expense know under theier
rectifing . they used cost centre.
ex. delhi branch spend adv. Rs10000&
Mumbai branch spend Rs.5000
if we are entered in ledger adv. expen. but if we
applicable cost centre we recongnised mubai branch expence
and delhi.
Is This Answer Correct ?    7 Yes 4 No
Yadav Kuldeep
# 4
cost centre may be an item of equipment, a person, a deptt
etc from where cost is recovered.
this is basically recording a cost / expense in appropriate
place / group / centre.
Is This Answer Correct ?    7 Yes 5 No
# 5
All ways Better Control. 
Is This Answer Correct ?    2 Yes 1 No
# 6
CIMA defines cost centres as "a production or service, function, activity, or item of equipment whose cost may be attributed to cost units. A cost centre is the smallest organizational sub-unit for which separate cost allocation is attempted". 
Is This Answer Correct ?    0 Yes 0 No
Mrs. Sharma

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What will be JV of if gets discount received from my vendors and as well as I allowed discount to my customer? What will be the journal entry in these both cases. Pls. give the answer, it's urgent.   5
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What is short term > debtors & Creditors ?? What is Long term > debtors & Creditors ??   2
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