Abstract The article presents cost concepts in reports for management purposes. The article explains the functions of the basic concepts described, which are, the indication of desired measures of cost and an inducement to the development of improved techniques and procedures for supplying appropriate cost information to management. It explains the statements of accounting principles underlying corporate financial statements which suggest concepts and standards in preparing accounting reports. The purposeful aspect of the term "cost" and the methods of measuring value releases have been discussed in detail with the uses of business cost reports. Costs for project planning have been described as estimates of future value releases. Expected cash outlay has been explained as the basis for estimating future costs of differential services. Adjustments for time, risk and uncertainty, pricing as a special area of planning, costs for period planning and control of current operations, Cost as a device for communication, motivation, appraisal have been discussed in detail. Cost reports for planning and control and costs for external purposes have been briefly discussed.
A Sun, study studied this question.