ECONOMICS

Detailed explanation-1: -A Cost Sheet depicts the following facts: Total cost and cost per unit for a product. The various elements of cost such as prime cost, factory cost, production cost, cost of goods sold, total cost, etc. Percentage of every expenditure to the total cost.

Detailed explanation-2: -Which of the following is true of cost accounting? It is part of both management and financial accounting systems.

Detailed explanation-3: -Costing is the process of determining the cost of a product but the cost accounting is a technique to assist the management or business to in making the various budgets and standards.

Detailed explanation-4: -Types of cost accounting include standard costing, activity-based costing, lean accounting, and marginal costing.