Define overheads. What are the various methods of classifying overheads?

Overheads, also known as overhead costs or indirect costs, refer to the ongoing expenses that are necessary for the operation of a business but cannot be directly attributed to the production or delivery of specific goods or services. These costs are not directly related to the manufacturing process or the direct labor involved in creating a product or service. Overheads are essential for the overall functioning of a business, but they cannot be easily traced to individual units of output.

There are various methods of classifying overheads, and the appropriate method depends on the nature of the business, the industry, and the specific management requirements. Here are some common methods of classifying overheads:

1. Functional Classification:
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