ECONOMICS

Detailed explanation-1: -Operating costs are the ongoing expenses incurred from the normal day-to-day of running a business. Operating costs include both costs of goods sold (COGS) and other operating expenses-often called selling, general, and administrative (SG&A) expenses.

Detailed explanation-2: -Incurred cost is an expense that a company becomes liable for in exchange for consuming or otherwise profiting from the usage of an asset. It is based on the accrued accounting concept of expense recognition. Incurred cost is an expense for the company and is usually recorded on the debit side of the income statement.

Detailed explanation-3: -Incurred Expenses are costs that a business will owe after receiving goods or services. All goods and services that need to be paid off at a later date fall under the umbrella of incurred expenses.

Detailed explanation-4: -Direct costs are related to producing a good or service. A direct cost includes raw materials, labor, and expense or distribution costs associated with producing a product.