Editing Cost (section)

==Types of accounting costs ==
{{main|accounting cost|opportunity cost|historical cost|marginal cost|sunk cost|standard cost accounting}}

In accounting, costs are the monetary value of expenditures for supplies, services, labor, products, equipment and other items purchased for use by a business or other accounting entity.<ref>{{Cite web |last=Reviso |title=What is cost? |url=https://www.reviso.com/cost/}}</ref> It is the amount denoted on [[invoice]]s as the [[price]] and recorded in [[book keeping]] records as an [[expense]] or asset [[cost basis]].

[[Opportunity cost]], also referred to as ''[[economic cost]]'' is the value of the best alternative that was not chosen in order to pursue the current endeavor—i.e., what could have been accomplished with the resources expended in the undertaking. It represents opportunities forgone.<ref>{{Cite web |title=Opportunity Cost: Definition, Calculation Formula, and Examples |url=https://www.investopedia.com/terms/o/opportunitycost.asp |access-date=2024-01-30 |website=Investopedia |language=en}}</ref>

In theoretical economics, '''cost''' used without qualification often means opportunity cost.<ref>{{cite web|title=CCP Exam Dumps|url=https://www.dumpsbook.com/Exam/CCP|access-date=1 March 2018|archive-date=29 September 2020|archive-url=https://web.archive.org/web/20200929063937/https://dumpsbook.com/Exam/CCP|url-status=dead}}</ref>