ECONOMICS

Detailed explanation-1: -A loss is a cost that expires without producing any revenue benefit.

Detailed explanation-2: -A cost that expires without producing any revenue benefit is known as a(n) . a. loss.

Detailed explanation-3: -Expense is an expired cost resulting from a productive usage of an asset.

Detailed explanation-4: -Period costs are those costs which are not identified with product or Job. They are incurred and paid for a particular period, like rent, rates, taxes salaries. Their benefit is usually exhausted with the expiry of certain period. They are totally deducted as expenses during the period in which they are incurred.

Detailed explanation-5: -The traditional costing system is an accounting method used to determine the cost of making products to make a profit, and it is based on allocating overhead (or indirect) manufacturing costs. This system relies on calculating predetermined overhead rates and applying the rates to a given metric.