For external reporting, generally accepted accounting principles require that costs be classifiedas either variable or fixed costs.
true / false.

True

Explanation:

The cost classification involves the separation of a group of expenses into different categories. A classification system is used to bring to management's attention certain costs that are considered more crucial than others, or to engage in financial modeling.

Classification of costs based on behavior helps in cost-volume-profit analysis. Classification based on traceability is important for accurate costing of jobs and units produced. Classification for the purpose of decision-making is important to help management identify costs which are relevant for a decision.

Cost is something that can be classified in several ways depending on its nature. One of the most popular methods is classifying them into fixed costs and variable costs. Fixed costs do not change with increases/decreases in units of production volume, while variable costs are solely dependent on the volume of units of production. Fixed and variable costs are key terms relevant in managerial accounting that are used in various forms of analysis of financial statements.

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