The cost per year (at 9 cents per kwh) for ten 150w recessed luminaires to operate if they are turned on for six hours per day would be $150.
Cost is the expenditure required to create and sell products and services, or to acquire assets. When sold or consumed, a cost is charged to expense.
The cost concept underlies the transition of assets from the balance sheet to expenses in the income statement.
A cost may also be designated as a variable cost (the telephone cost tends to be vary with the number of employees) or as a fixed cost (lease of a building).
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