Managerial Cost Concepts
Managers have a well-defined set of definitions in classifying costs of a product. These definitions must be clearly understood in order to properly manage product costs.
WHat is the Historic cost concept?
What is the meaning of 'historical cost accounting'?
What is Historical cost principle?
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Accountants can choose it to implement a financial capital concept of invested purchasing power instead of the traditional Historical Cost concept of invested money.
Average total cost is one of three average cost concepts important to short-run production analysis. The other two are average fixed cost and average variable cost. A related concept is marginal cost.
 See also: Variable cost, Fixed cost, Tip, Marginal cost, Feedback
  
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