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Meaning of cost centres

 

 

 

Cost centres

 

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Business glossary

 

Meaning of term cost centres :

 

A cost centre is an area or division of a firm where costs occur. Firms may split themselves into a number of cost centres to help them to monitor costs and ensure they are minimised. For example, if a firm is producing four different products they may make each one a cost centre and charge costs appropriately to them to ensure that each product is being produced efficiently. Cost centres may be geographically determined (different factories or plants), or based around individual people or teams or based around particular items of equipment (for example vehicles).

 

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