ECONOMICS

Detailed explanation-1: -The unit cost per student is the average cost per student is calculated from the total expenditure divided by all students in higher education within a certain time.

Detailed explanation-2: -A unit cost is a total expenditure incurred by a company to produce, store, and sell one unit of a particular product or service. Unit costs are synonymous with cost of goods sold (COGS).

Detailed explanation-3: -First, cost accounting only considers financial data. Cost accounting relies on historical data, which may not be accurate or representative of future conditions. Another limitation of cost accounting is that it can be difficult to assign costs accurately to the correct products or services.

Detailed explanation-4: -The idea behind developing cost accounting was to negate the limitations of the traditional accounting system. So cost accounting will help the organization’s control costs and maximize efficiency, something financial accounting cannot offer. With time these scientific methods lead to standards being formed.