Difference between Cost Centre and Cost Element.

Hi Guru's,
what is the difference between Cost Centre and Cost Element.
regards
JK

Hi,
Cost elements:
A cost element classifies the organization's valuated consumption of production factors within a controlling area
Primary Element - costs that originate outside the company; relate directly to the income statement in FI and must be included in the FI Chart of Accounts
Secondary Element - costs that result from internal allocation activities; NO relation to G/L accounts in FI. These accounts are exclusively for cost accounting and are only maintained in CO
Cost centre :
Organizational unit within a controlling area that represents a defined location of cost incurrence. The definition can be based on:
Functional requirements
Allocation criteria
Physical location
Responsibility for costs
Defines the smallest area of responsibility within the company that causes and influences costs; the lowest level to which you can meaningfully assign direct and indirect costs
If this meets your requirement, you may like to close the posting.
Muraleedharan.R

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Regards,
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