Cost accounting is an accounting process that measures all of the costs associated with production, including both fixed and variable costs. The purpose of cost accounting is to assist management in decision-making processes that optimize operations based on efficient cost management.

Required:

Identify and clearly explain 5 different types of costs that are used in managerial decision making. In addition, provide a clear and relevant example for each of these costs.

Please if you don't know the answer then don't reply and don't copy from the previous given answers and should be not more than 700 words please and should be according to the given requirements thank you. And please no photos only typing.